Helmerich & Payne, Inc. (HP) to Issue Quarterly Dividend of $0.70 on December 1st
Helmerich & Payne, Inc. (NYSE:HP) announced a quarterly dividend on Thursday, September 7th, Zacks reports. Investors of record on Monday, November 13th will be given a dividend of 0.70 per share by the oil and gas company on Friday, December 1st. This represents a $2.80 annualized dividend and a dividend yield of 5.10%. The ex-dividend date of this dividend is Friday, November 10th.
Helmerich & Payne has increased its dividend by an average of 17.1% annually over the last three years and has increased its dividend annually for the last 44 consecutive years. Helmerich & Payne has a dividend payout ratio of -209.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Helmerich & Payne to earn ($0.63) per share next year, which means the company may not be able to cover its $2.80 annual dividend with an expected future payout ratio of -444.4%.
Shares of Helmerich & Payne (NYSE:HP) opened at $54.91 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.33 and a current ratio of 3.74. Helmerich & Payne has a 12-month low of $42.16 and a 12-month high of $85.78.
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In related news, CEO John W. Lindsay purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was acquired at an average price of $47.73 per share, for a total transaction of $238,650.00. Following the completion of the purchase, the chief executive officer now owns 147,727 shares in the company, valued at $7,051,009.71. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.90% of the stock is currently owned by insiders.
Several research firms recently issued reports on HP. Cowen and Company reissued a “hold” rating and issued a $50.00 target price on shares of Helmerich & Payne in a research report on Friday, August 11th. UBS AG reissued a “buy” rating and issued a $60.00 target price (down from $84.00) on shares of Helmerich & Payne in a research report on Monday, July 31st. SunTrust Banks, Inc. reaffirmed a “sell” rating and set a $37.00 price target (down from $66.00) on shares of Helmerich & Payne in a research report on Tuesday, October 3rd. Citigroup Inc. cut shares of Helmerich & Payne from a “neutral” rating to a “sell” rating and reduced their price target for the company from $58.00 to $43.00 in a research report on Friday, July 28th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $53.00 price target on shares of Helmerich & Payne in a research report on Wednesday, October 18th. Nine investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company. Helmerich & Payne presently has an average rating of “Hold” and an average price target of $54.27.
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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