Helmerich & Payne Inc. (HP) Position Boosted by JPMorgan Chase & Co.
JPMorgan Chase & Co. raised its stake in shares of Helmerich & Payne Inc. (NYSE:HP) by 21.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 525,306 shares of the company’s stock after buying an additional 93,293 shares during the period. JPMorgan Chase & Co. owned about 0.49% of Helmerich & Payne worth $35,266,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the stock. Independent Portfolio Consultants Inc. raised its stake in Helmerich & Payne by 7.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,775 shares of the company’s stock valued at $119,000 after buying an additional 125 shares during the period. Checchi Capital Advisers LLC raised its stake in Helmerich & Payne by 1.8% in the second quarter. Checchi Capital Advisers LLC now owns 1,849 shares of the company’s stock valued at $124,000 after buying an additional 33 shares during the period. Nikko Asset Management Americas Inc. purchased a new stake in Helmerich & Payne during the second quarter valued at approximately $146,000. Invictus RG purchased a new stake in Helmerich & Payne during the first quarter valued at approximately $153,000. Finally, Assetmark Inc. raised its stake in Helmerich & Payne by 666.4% in the second quarter. Assetmark Inc. now owns 2,989 shares of the company’s stock valued at $201,000 after buying an additional 2,599 shares during the period.
Helmerich & Payne Inc. (NYSE:HP) opened at 57.61 on Friday. The company has a 50-day moving average price of $62.24 and a 200 day moving average price of $62.13. Helmerich & Payne Inc. has a 12-month low of $40.02 and a 12-month high of $70.28. The stock’s market cap is $6.23 billion.
Helmerich & Payne (NYSE:HP) last released its earnings results on Thursday, July 28th. The company reported ($0.47) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by $0.06. The firm earned $366.50 million during the quarter, compared to analysts’ expectations of $298.71 million. Helmerich & Payne had a negative return on equity of 1.38% and a negative net margin of 0.28%. The firm’s revenue was down 44.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share. On average, equities research analysts predict that Helmerich & Payne Inc. will post ($1.19) EPS for the current year.
Several equities research analysts have commented on HP shares. Jefferies Group reiterated a “sell” rating on shares of Helmerich & Payne in a research note on Tuesday, August 30th. Bank of America Corp. started coverage on Helmerich & Payne in a research note on Monday, June 13th. They set a “buy” rating for the company. Credit Suisse Group AG set a $52.00 price objective on Helmerich & Payne and gave the stock a “sell” rating in a research note on Monday, August 1st. JPMorgan Chase & Co. reiterated a “sell” rating and set a $39.00 price objective on shares of Helmerich & Payne in a research note on Friday, July 29th. Finally, FBR & Co cut their price objective on Helmerich & Payne from $66.00 to $58.00 and set a “market perform” rating for the company in a research note on Friday, July 29th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Helmerich & Payne presently has a consensus rating of “Hold” and an average target price of $60.79.
About Helmerich & Payne
Helmerich & Payne, Inc is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology.
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