Zacks Reiterates “Neutral” Rating for Helmerich & Payne (HP)
Helmerich & Payne (NYSE:HP)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued to investors on Monday, Analyst Ratings Network.com reports. They currently have a $73.00 target price on the stock. Zacks‘ price objective points to a potential upside of 5.69% from the stock’s previous close.
Zacks‘ analyst wrote, “We are maintaining our Neutral recommendation on Helmerich & Payne, reflecting a balanced risk/reward profile. The company is a leading drilling contractor with activities in the U.S. and overseas. Supported by a superior and diversified drilling fleet, together with a healthy financial profile, we expect Helmerich & Payne to sustain its profitability over the foreseeable future. We believe its technologically-advanced FlexRigs will continue to benefit from an upswing in U.S. land drilling activity and the shift to complex onshore plays that require highly intensive solutions. However, slow activity levels and the challenging U.S. land rig environment remain areas of concern. “
In other Helmerich & Payne news, CEO Hans Helmerich sold 50,000 shares of the stock on the open market in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $69.08, for a total value of $3,454,000.00. Following the completion of the transaction, the chief executive officer now directly owns 761,335 shares of the company’s stock, valued at approximately $52,593,022. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of Helmerich & Payne (NYSE:HP) traded down 0.22% on Monday, hitting $68.92. The stock had a trading volume of 218,659 shares. Helmerich & Payne has a 52-week low of $44.95 and a 52-week high of $71.36. The stock’s 50-day moving average is $66.39 and its 200-day moving average is $63.58. The company has a market cap of $7.339 billion and a P/E ratio of 10.17.
Helmerich & Payne (NYSE:HP) last released its earnings data on Friday, July 26th. The company reported $1.38 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.34 by $0.04. The company had revenue of $838.30 million for the quarter, compared to the consensus estimate of $844.15 million. During the same quarter in the prior year, the company posted $1.38 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. On average, analysts predict that Helmerich & Payne will post $5.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, December 2nd. Investors of record on Friday, November 15th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Wednesday, November 13th.
HP has been the subject of a number of other recent research reports. Analysts at Bank of America Corp. initiated coverage on shares of Helmerich & Payne (NYSE:HP) in a research note to investors on Thursday. They set a “buy” rating and a $82.00 price target on the stock. Separately, analysts at Barclays Capital raised their price target on shares of Helmerich & Payne (NYSE:HP) from $70.00 to $72.00 in a research note to investors on Tuesday, September 3rd. They now have an “equal weight” rating on the stock. Finally, analysts at RBC Capital downgraded shares of Helmerich & Payne (NYSE:HP) from an “outperform” rating to a “sector perform” rating in a research note to investors on Thursday, August 15th. They now have a $72.00 price target on the stock. Twelve equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $68.37.
Helmerich & Payne, Inc is engaged in contract drilling of oil and gases wells for others and this business.
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