Zacks Investment Research upgraded shares of Helmerich & Payne (NYSE:HP) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $67.00 price objective on the oil and gas company’s stock.
According to Zacks, “Boasting the youngest as well as the most efficient drilling feet, Helmerich’s technologically-advanced FlexRigs are much in demand and command strong daily rate margins. With HP posting stronger y/y results in the last quarter on the back of solid U.S. Land unit, it expects the growth momentum to continue, further enhancing its revenues. Moreover, the firm also expects its offshore revenues to improve sequentially in the upcoming quarter. The buyout of MagVar and Motive Drilling Technologies has further enhanced HP’s directional drilling performance giving a boost to its newly formed Technologies unit. Its strong financials and dividend aristocrat status also bodes well. As such, the stock seems an attractive bet at the moment. “
HP has been the subject of several other research reports. Seaport Global Securities reaffirmed a hold rating on shares of Helmerich & Payne in a research report on Wednesday, January 30th. Royal Bank of Canada set a $80.00 target price on Helmerich & Payne and gave the stock a hold rating in a research report on Thursday, December 20th. Jefferies Financial Group reaffirmed a buy rating and issued a $72.00 target price on shares of Helmerich & Payne in a research report on Monday, December 17th. Wells Fargo & Co reaffirmed a buy rating on shares of Helmerich & Payne in a research report on Sunday, January 6th. Finally, Goldman Sachs Group started coverage on Helmerich & Payne in a research report on Sunday, March 10th. They issued a neutral rating and a $65.00 target price for the company. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. Helmerich & Payne has a consensus rating of Hold and a consensus target price of $66.47.
Shares of Helmerich & Payne stock opened at $61.83 on Tuesday. The firm has a market capitalization of $6.58 billion, a PE ratio of 441.64 and a beta of 1.51. The company has a quick ratio of 2.29, a current ratio of 2.70 and a debt-to-equity ratio of 0.11. Helmerich & Payne has a 12 month low of $44.56 and a 12 month high of $74.36.
Helmerich & Payne (NYSE:HP) last issued its earnings results on Tuesday, January 29th. The oil and gas company reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.14. The business had revenue of $740.60 million during the quarter, compared to analysts’ expectations of $716.12 million. Helmerich & Payne had a return on equity of 1.18% and a net margin of 0.06%. As a group, analysts predict that Helmerich & Payne will post 1.68 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 13th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, May 10th. This represents a $2.84 annualized dividend and a dividend yield of 4.59%. Helmerich & Payne’s dividend payout ratio is 2,028.57%.
Several large investors have recently made changes to their positions in the stock. BTIM Corp. raised its holdings in shares of Helmerich & Payne by 7.4% during the first quarter. BTIM Corp. now owns 232,356 shares of the oil and gas company’s stock worth $12,910,000 after acquiring an additional 15,953 shares in the last quarter. Alpha Windward LLC raised its holdings in shares of Helmerich & Payne by 3,044.4% during the first quarter. Alpha Windward LLC now owns 8,490 shares of the oil and gas company’s stock worth $472,000 after acquiring an additional 8,220 shares in the last quarter. American Research & Management Co. raised its holdings in Helmerich & Payne by 14.0% during the first quarter. American Research & Management Co. now owns 38,010 shares of the oil and gas company’s stock valued at $2,112,000 after buying an additional 4,675 shares in the last quarter. Flagship Harbor Advisors LLC raised its holdings in Helmerich & Payne by 37.2% during the first quarter. Flagship Harbor Advisors LLC now owns 1,505 shares of the oil and gas company’s stock valued at $83,000 after buying an additional 408 shares in the last quarter. Finally, Paragon Capital Management LLC bought a new position in Helmerich & Payne during the first quarter valued at about $103,000. Institutional investors and hedge funds own 93.71% of the company’s stock.
Helmerich & Payne Company Profile
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.
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