Short Interest in Helmerich & Payne, Inc. (NYSE:HP) Expands By 13.2%
Helmerich & Payne, Inc. (NYSE:HP) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 8,176,500 shares, a growth of 13.2% from the July 31st total of 7,222,800 shares. Approximately 7.7% of the shares of the stock are short sold. Based on an average trading volume of 1,450,000 shares, the days-to-cover ratio is presently 5.6 days.
Shares of NYSE:HP traded up $0.70 during midday trading on Friday, reaching $41.46. The company’s stock had a trading volume of 952,013 shares, compared to its average volume of 1,521,346. Helmerich & Payne has a fifty-two week low of $36.06 and a fifty-two week high of $73.74. The company has a market capitalization of $4.46 billion, a P/E ratio of 296.14, a P/E/G ratio of 1.22 and a beta of 1.57. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.86 and a quick ratio of 2.47. The business’s fifty day simple moving average is $41.40 and its 200-day simple moving average is $51.06.
Helmerich & Payne (NYSE:HP) last announced its earnings results on Wednesday, July 24th. The oil and gas company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.05. Helmerich & Payne had a positive return on equity of 4.06% and a negative net margin of 2.54%. The company had revenue of $687.97 million during the quarter, compared to analyst estimates of $689.41 million. During the same period last year, the company posted ($0.01) earnings per share. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, analysts forecast that Helmerich & Payne will post 1.51 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its stake in shares of Helmerich & Payne by 3.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 11,635 shares of the oil and gas company’s stock valued at $589,000 after buying an additional 402 shares in the last quarter. Edgestream Partners L.P. increased its position in Helmerich & Payne by 60.9% in the second quarter. Edgestream Partners L.P. now owns 22,347 shares of the oil and gas company’s stock worth $1,131,000 after purchasing an additional 8,462 shares during the period. SG Americas Securities LLC increased its position in Helmerich & Payne by 55.4% in the second quarter. SG Americas Securities LLC now owns 48,156 shares of the oil and gas company’s stock worth $2,438,000 after purchasing an additional 17,172 shares during the period. Kornitzer Capital Management Inc. KS increased its position in Helmerich & Payne by 9.6% in the second quarter. Kornitzer Capital Management Inc. KS now owns 357,135 shares of the oil and gas company’s stock worth $18,078,000 after purchasing an additional 31,225 shares during the period. Finally, SFE Investment Counsel increased its position in Helmerich & Payne by 5.5% in the second quarter. SFE Investment Counsel now owns 12,975 shares of the oil and gas company’s stock worth $657,000 after purchasing an additional 675 shares during the period. Institutional investors own 90.86% of the company’s stock.
HP has been the subject of several recent analyst reports. B. Riley reiterated a “buy” rating and set a $63.00 price objective (down from $83.00) on shares of Helmerich & Payne in a research note on Friday, August 2nd. Piper Jaffray Companies dropped their price objective on Helmerich & Payne from $57.00 to $52.50 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Bank of America dropped their price objective on Helmerich & Payne from $56.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, August 28th. Evercore ISI initiated coverage on Helmerich & Payne in a research note on Thursday, June 6th. They set an “outperform” rating for the company. Finally, Wells Fargo & Co lowered Helmerich & Payne from an “outperform” rating to an “underperform” rating in a research note on Thursday. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $61.86.
About Helmerich & Payne
Helmerich & Payne, Inc primarily engages in drilling oil and gas wells for exploration and production companies. The company operates through U.S. Land, Offshore, and International Land segments. The U.S. Land segment drills primarily in Colorado, Louisiana, Ohio, Oklahoma, New Mexico, North Dakota, Pennsylvania, Texas, Utah, West Virginia, and Wyoming.
See Also: Earnings Per Share
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