Helmerich & Payne Rating Increased to Outperform at RBC Capital (HP)
Helmerich & Payne (NYSE:HP) was upgraded by equities researchers at RBC Capital from a “sector perform” rating to an “outperform” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $96.00 target price on the stock, up from their previous target price of $84.00. RBC Capital’s target price points to a potential upside of 13.68% from the company’s current price.
The analysts wrote, “While the overall rig count is down roughly 20 rigs YTD, the industry active Tier 1 rig count has increased by ~100 rigs and HP’s rig count has increased by ~20,” the report noted. “The mix shift continues to be driven by a higher percentage of horizontal pad drilling. The company now has only 13 idle Tier 1 rigs remaining with 7 of those rigs already committed to start drilling shortly. This high utilization for Tier 1 rigs has led to some early signs of pricing power for certain assets.”
A number of other analysts have also recently weighed in on HP. Analysts at Cowen and Company downgraded shares of Helmerich & Payne from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday. Separately, analysts at Guggenheim downgraded shares of Helmerich & Payne from a “buy” rating to a “neutral” rating in a research note to investors on Monday. Finally, analysts at Zacks upgraded shares of Helmerich & Payne from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, December 13th. They now have a $96.00 price target on the stock. Thirteen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Helmerich & Payne presently has a consensus rating of “Hold” and a consensus target price of $80.27.
Helmerich & Payne (NYSE:HP) traded up 1.04% during mid-day trading on Wednesday, hitting $84.45. The stock had a trading volume of 1,936,902 shares. Helmerich & Payne has a 52-week low of $55.78 and a 52-week high of $85.51. The stock’s 50-day moving average is $80.75 and its 200-day moving average is $71.98. The company has a market cap of $9.048 billion and a P/E ratio of 12.30.
Helmerich & Payne (NYSE:HP) last issued its quarterly earnings data on Thursday, November 14th. The company reported $1.47 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.41 by $0.06. The company had revenue of $864.50 million for the quarter, compared to the consensus estimate of $845.85 million. During the same quarter in the prior year, the company posted $1.36 earnings per share. The company’s quarterly revenue was up 1.3% on a year-over-year basis. Analysts expect that Helmerich & Payne will post $5.76 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a dividend of 0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Wednesday, February 12th. This is a positive change from Helmerich & Payne’s previous quarterly dividend of $0.50.
Helmerich & Payne, Inc is engaged in contract drilling of oil and gases wells for others and this business.
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