Citigroup Inc. Downgrades Helmerich & Payne, Inc. (NYSE:HP) to Sell
Citigroup Inc. lowered shares of Helmerich & Payne, Inc. (NYSE:HP) from a neutral rating to a sell rating in a research report sent to investors on Friday, Marketbeat reports. The firm currently has $43.00 price target on the oil and gas company’s stock, down from their prior price target of $58.00.
HP has been the subject of a number of other reports. BMO Capital Markets reaffirmed a sell rating and set a $54.00 price target on shares of Helmerich & Payne in a research note on Thursday, June 22nd. Zacks Investment Research raised shares of Helmerich & Payne from a hold rating to a buy rating and set a $75.00 price objective for the company in a research report on Monday, April 3rd. Credit Suisse Group reissued a sell rating and issued a $63.00 price objective on shares of Helmerich & Payne in a research report on Thursday, March 30th. Iberia Capital raised shares of Helmerich & Payne from a sector perform rating to an outperform rating and set a $74.00 price objective for the company in a research report on Thursday, May 4th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Helmerich & Payne from a neutral rating to a sell rating and lowered their price objective for the company from $63.00 to $45.00 in a research report on Monday, May 22nd. Seven equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $56.77.
Shares of Helmerich & Payne (NYSE:HP) opened at 50.62 on Friday. Helmerich & Payne has a 12-month low of $49.46 and a 12-month high of $85.78. The stock’s 50 day moving average is $54.11 and its 200-day moving average is $62.50. The stock’s market capitalization is $5.50 billion.
Helmerich & Payne (NYSE:HP) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.05. Helmerich & Payne had a negative net margin of 11.19% and a negative return on equity of 3.37%. The firm had revenue of $498.60 million during the quarter, compared to analysts’ expectations of $452.42 million. During the same period in the previous year, the company earned ($0.20) EPS. The firm’s revenue for the quarter was up 36.0% compared to the same quarter last year. On average, analysts expect that Helmerich & Payne will post ($1.32) earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 5.53%. The ex-dividend date is Wednesday, August 16th. Helmerich & Payne’s dividend payout ratio (DPR) is currently -167.66%.
Several hedge funds have recently added to or reduced their stakes in HP. BlackRock Inc. increased its stake in Helmerich & Payne by 3,318.2% in the first quarter. BlackRock Inc. now owns 10,967,068 shares of the oil and gas company’s stock valued at $730,077,000 after buying an additional 10,646,223 shares during the period. Vanguard Group Inc. increased its stake in Helmerich & Payne by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,509,013 shares of the oil and gas company’s stock valued at $699,585,000 after buying an additional 68,948 shares during the period. State Street Corp increased its stake in Helmerich & Payne by 6.0% in the first quarter. State Street Corp now owns 6,284,704 shares of the oil and gas company’s stock valued at $418,376,000 after buying an additional 357,686 shares during the period. Bank of New York Mellon Corp increased its stake in Helmerich & Payne by 13.6% in the first quarter. Bank of New York Mellon Corp now owns 3,374,223 shares of the oil and gas company’s stock valued at $224,623,000 after buying an additional 405,024 shares during the period. Finally, Artisan Partners Limited Partnership acquired a new stake in Helmerich & Payne during the first quarter valued at approximately $153,996,000.
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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