Zacks Investment Research upgraded shares of Helmerich & Payne (NYSE:HP) from a hold rating to a buy rating in a research report sent to investors on Tuesday, 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. “
Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group reissued a buy rating and set a $64.00 target price on shares of Helmerich & Payne in a research note on Tuesday, February 5th. Bank of America raised shares of Helmerich & Payne from a neutral rating to a buy rating and lifted their price target for the company from $55.00 to $68.00 in a research note on Thursday, January 31st. Wells Fargo & Co reaffirmed a buy rating and issued a $68.00 price target (up from $61.00) on shares of Helmerich & Payne in a research note on Wednesday, January 30th. Susquehanna Bancshares set a $70.00 price target on shares of Helmerich & Payne and gave the company a buy rating in a research note on Tuesday, April 2nd. Finally, BMO Capital Markets set a $60.00 price target on shares of Helmerich & Payne and gave the company a hold rating in a research note on Tuesday, February 5th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Helmerich & Payne has a consensus rating of Hold and an average price target of $66.47.
Shares of NYSE HP opened at $62.52 on Tuesday. Helmerich & Payne has a twelve month low of $44.56 and a twelve month high of $73.90. The firm has a market cap of $6.84 billion, a P/E ratio of 446.57 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 (NYSE:HP) last announced its earnings results on Tuesday, January 29th. The oil and gas company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. Helmerich & Payne had a net margin of 0.06% and a return on equity of 1.18%. The business had revenue of $740.60 million during the quarter, compared to the consensus estimate of $716.12 million. On average, research analysts predict that Helmerich & Payne will post 1.68 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 13th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend is Friday, May 10th. Helmerich & Payne’s dividend payout ratio (DPR) is currently 2,028.57%.
Several hedge funds and other institutional investors have recently modified their holdings of HP. FMR LLC grew its holdings in shares of Helmerich & Payne by 16.4% during the third quarter. FMR LLC now owns 144,955 shares of the oil and gas company’s stock valued at $9,968,000 after buying an additional 20,414 shares during the last quarter. Standard Life Aberdeen plc boosted its holdings in Helmerich & Payne by 1.9% during the third quarter. Standard Life Aberdeen plc now owns 165,964 shares of the oil and gas company’s stock worth $11,413,000 after purchasing an additional 3,088 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Helmerich & Payne during the third quarter worth about $401,000. Deutsche Bank AG boosted its holdings in Helmerich & Payne by 7.7% during the third quarter. Deutsche Bank AG now owns 525,299 shares of the oil and gas company’s stock worth $36,123,000 after purchasing an additional 37,471 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Helmerich & Payne by 42.5% during the third quarter. Pacer Advisors Inc. now owns 7,220 shares of the oil and gas company’s stock worth $497,000 after purchasing an additional 2,155 shares during the last quarter. Hedge funds and other institutional investors own 93.71% of the company’s stock.
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.
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