Helmerich & Payne (NYSE:HP) Given New $40.00 Price Target at Royal Bank Of Canada

Helmerich & Payne (NYSE:HP) had its target price increased by Royal Bank Of Canada from $38.00 to $40.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a sector perform rating on the oil and gas company’s stock.

Several other research firms also recently issued reports on HP. Piper Sandler upped their price objective on Helmerich & Payne from $40.00 to $41.00 and gave the company an “overweight” rating in a research note on Wednesday, April 15th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $32.00 price objective on shares of Helmerich & Payne in a research note on Wednesday, January 14th. TD Cowen upped their price objective on Helmerich & Payne from $35.00 to $38.00 and gave the company a “hold” rating in a research note on Monday, February 9th. Barclays upped their price objective on Helmerich & Payne from $39.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Susquehanna upped their price objective on Helmerich & Payne from $42.00 to $43.00 and gave the company a “positive” rating in a research note on Friday. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $39.10.

Helmerich & Payne Stock Up 2.7%

Shares of NYSE HP opened at $37.89 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.71. The company has a market cap of $3.78 billion, a price-to-earnings ratio of -10.00 and a beta of 0.62. Helmerich & Payne has a 12 month low of $14.65 and a 12 month high of $41.68. The stock has a 50-day moving average price of $35.92 and a two-hundred day moving average price of $31.99.

Helmerich & Payne (NYSE:HP) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.32). Helmerich & Payne had a negative net margin of 9.38% and a negative return on equity of 1.16%. The firm had revenue of $932.36 million during the quarter, compared to analyst estimates of $945.60 million. During the same period in the prior year, the company earned $0.01 EPS. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. As a group, analysts forecast that Helmerich & Payne will post 0.11 earnings per share for the current fiscal year.

Helmerich & Payne Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Monday, May 18th. Helmerich & Payne’s dividend payout ratio is currently -31.35%.

Insiders Place Their Bets

In other Helmerich & Payne news, SVP Cara M. Hair sold 58,771 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $36.62, for a total transaction of $2,152,194.02. Following the completion of the sale, the senior vice president owned 175,589 shares of the company’s stock, valued at approximately $6,430,069.18. This represents a 25.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Helmerich & Payne

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Helmerich & Payne by 11.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,735,765 shares of the oil and gas company’s stock valued at $206,660,000 after purchasing an additional 570,500 shares during the period. State Street Corp increased its position in Helmerich & Payne by 0.8% during the 4th quarter. State Street Corp now owns 4,222,536 shares of the oil and gas company’s stock valued at $121,102,000 after purchasing an additional 33,193 shares during the period. American Century Companies Inc. increased its position in Helmerich & Payne by 7.7% during the 3rd quarter. American Century Companies Inc. now owns 3,474,036 shares of the oil and gas company’s stock valued at $76,741,000 after purchasing an additional 249,425 shares during the period. Invesco Ltd. increased its position in Helmerich & Payne by 15.5% during the 4th quarter. Invesco Ltd. now owns 3,468,526 shares of the oil and gas company’s stock valued at $99,477,000 after purchasing an additional 465,440 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in Helmerich & Payne by 4.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,132,265 shares of the oil and gas company’s stock valued at $47,102,000 after purchasing an additional 87,882 shares during the period. Institutional investors and hedge funds own 96.05% of the company’s stock.

Helmerich & Payne Company Profile

Helmerich & Payne, Inc is a leading provider of contract drilling services to the oil and gas industry, specializing primarily in onshore drilling operations. The company designs, engineers and operates a fleet of advanced drilling rigs, including its proprietary FlexRigs, which are engineered for high efficiency, safety and rapid mobilization. Alongside core drilling services, Helmerich & Payne offers well intervention, workover and coiled tubing services, positioning itself as a comprehensive drilling solutions partner for exploration and production companies worldwide.

Founded in 1920 and headquartered in Tulsa, Oklahoma, Helmerich & Payne has grown through innovation and strategic expansion to serve diverse hydrocarbon basins.