Helmerich & Payne (NYSE:HP) Price Target Cut to $36.00 by Analysts at Citigroup

Helmerich & Payne (NYSE:HP) had its price objective dropped by stock analysts at Citigroup from $38.00 to $36.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s price objective points to a potential upside of 8.23% from the stock’s previous close.

HP has been the topic of a number of other reports. Susquehanna increased their target price on Helmerich & Payne from $42.00 to $43.00 and gave the stock a “positive” rating in a research note on Friday, May 8th. Piper Sandler upped their price target on shares of Helmerich & Payne from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Weiss Ratings reissued a “sell (d+)” rating on shares of Helmerich & Payne in a research report on Wednesday. Royal Bank Of Canada lifted their target price on shares of Helmerich & Payne from $38.00 to $40.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Finally, Evercore upgraded shares of Helmerich & Payne from an “in-line” rating to an “outperform” rating and set a $43.00 target price on the stock in a research note on Friday, March 20th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $40.40.

Helmerich & Payne Trading Down 1.6%

Shares of NYSE HP traded down $0.54 during midday trading on Monday, hitting $33.26. 167,398 shares of the company traded hands, compared to its average volume of 1,453,527. Helmerich & Payne has a 12-month low of $15.08 and a 12-month high of $41.82. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.32 and a current ratio of 1.71. The stock has a 50-day moving average price of $37.95 and a 200 day moving average price of $34.81. The firm has a market cap of $3.32 billion, a P/E ratio of -8.79 and a beta of 0.59.

Helmerich & Payne (NYSE:HP) last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.32). Helmerich & Payne had a negative return on equity of 1.16% and a negative net margin of 9.38%.The firm had revenue of $932.36 million during the quarter, compared to the consensus estimate of $945.60 million. During the same quarter last year, the company posted $0.01 EPS. Helmerich & Payne’s revenue for the quarter was down 8.2% compared to the same quarter last year. As a group, analysts expect that Helmerich & Payne will post -0.02 earnings per share for the current year.

Institutional Investors Weigh In On Helmerich & Payne

A number of large investors have recently added to or reduced their stakes in HP. Balyasny Asset Management L.P. boosted its stake in shares of Helmerich & Payne by 174.1% in the 2nd quarter. Balyasny Asset Management L.P. now owns 2,044,383 shares of the oil and gas company’s stock worth $30,993,000 after buying an additional 1,298,510 shares during the last quarter. Encompass Capital Advisors LLC lifted its holdings in Helmerich & Payne by 165.1% in the fourth quarter. Encompass Capital Advisors LLC now owns 2,081,644 shares of the oil and gas company’s stock valued at $59,702,000 after acquiring an additional 1,296,537 shares during the period. Ameriprise Financial Inc. lifted its holdings in Helmerich & Payne by 316.9% in the third quarter. Ameriprise Financial Inc. now owns 1,218,057 shares of the oil and gas company’s stock valued at $26,907,000 after acquiring an additional 925,921 shares during the period. Canoe Financial LP purchased a new position in Helmerich & Payne in the first quarter worth about $33,130,000. Finally, Bank of America Corp DE boosted its position in Helmerich & Payne by 109.2% in the first quarter. Bank of America Corp DE now owns 1,676,169 shares of the oil and gas company’s stock worth $60,392,000 after purchasing an additional 874,823 shares during the last quarter. Institutional investors own 96.05% of the company’s stock.

About Helmerich & Payne

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.