Helmerich & Payne, Inc. (HP) Rating Increased to Hold at Zacks Investment Research
Helmerich & Payne, Inc. (NYSE:HP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Industry leading drilling fleet including its advanced FlexRigs and drill operating expertise give Helmerich & Payne an edge over its peers. The company also boasts of a rock-solid balancesheet which gives it enough financial flexibility to sustain through industry downturn and take advantage of any upturn. The dividend history of the company is also quite impressive which makes it attractive for stable income seeking investors. However, with the crude getting entrenched into a bearish territory, upstream companies are cutting on their spending. This is translating into lesser work for drillers like HP which is driving down its earnings and revenues. This is also reflected in the negative average earnings surprise in the last four quarters and the declining prices of its shares. Therefore we take a cautious stance on the prospects of the stock.”
Other equities analysts also recently issued research reports about the stock. BMO Capital Markets reiterated a “sell” rating and set a $54.00 target price on shares of Helmerich & Payne in a research note on Thursday, June 22nd. Credit Suisse Group reiterated a “sell” rating and set a $63.00 target price on shares of Helmerich & Payne in a research note on Thursday, March 30th. Scotiabank reiterated a “hold” rating and set a $82.00 target price on shares of Helmerich & Payne in a research note on Wednesday, March 22nd. Iberia Capital upgraded shares of Helmerich & Payne from a “sector perform” rating to an “outperform” rating and set a $74.00 target price for the company in a research note on Thursday, May 4th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Helmerich & Payne from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $63.00 to $45.00 in a research note on Monday, May 22nd. Seven investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company’s stock. Helmerich & Payne currently has an average rating of “Hold” and an average price target of $60.35.
Shares of Helmerich & Payne (HP) traded down 0.99% during midday trading on Thursday, hitting $54.80. The stock had a trading volume of 622,669 shares. Helmerich & Payne has a 52-week low of $49.46 and a 52-week high of $85.78. The firm’s 50 day moving average price is $54.62 and its 200 day moving average price is $66.44. The firm’s market cap is $5.95 billion.
Helmerich & Payne (NYSE:HP) last posted its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by $0.07. Helmerich & Payne had a negative return on equity of 3.96% and a negative net margin of 12.09%. The company had revenue of $405.30 million for the quarter, compared to analysts’ expectations of $386.83 million. During the same period in the prior year, the company posted $0.19 EPS. The firm’s revenue was down 7.5% compared to the same quarter last year. On average, equities research analysts expect that Helmerich & Payne will post ($1.34) earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of HP. Ibex Wealth Advisors purchased a new position in Helmerich & Payne during the fourth quarter valued at about $148,000. Ameritas Investment Partners Inc. purchased a new position in Helmerich & Payne during the first quarter valued at about $172,000. Mn Services Vermogensbeheer B.V. boosted its position in Helmerich & Payne by 4.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 2,885 shares of the oil and gas company’s stock valued at $180,000 after buying an additional 116 shares in the last quarter. Tompkins Financial Corp boosted its position in Helmerich & Payne by 244.4% in the first quarter. Tompkins Financial Corp now owns 3,375 shares of the oil and gas company’s stock valued at $198,000 after buying an additional 2,395 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Helmerich & Payne during the first quarter valued at about $209,000.
Helmerich & Payne Company Profile
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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