Helmerich & Payne, Inc. (HP) Declares Quarterly Dividend of $0.70
Helmerich & Payne, Inc. (NYSE:HP) announced a quarterly dividend on Thursday, December 7th, Wall Street Journal reports. Shareholders of record on Monday, February 12th will be paid a dividend of 0.70 per share by the oil and gas company on Thursday, March 1st. This represents a $2.80 annualized dividend and a dividend yield of 4.96%. The ex-dividend date is Friday, February 9th.
Helmerich & Payne has increased its dividend payment by an average of 17.1% per year over the last three years and has raised its dividend annually for the last 44 consecutive years. Helmerich & Payne has a dividend payout ratio of -595.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Helmerich & Payne to earn $0.19 per share next year, which means the company may not be able to cover its $2.80 annual dividend with an expected future payout ratio of 1,473.7%.
Shares of Helmerich & Payne (HP) traded down $1.37 during midday trading on Thursday, hitting $56.47. 1,451,400 shares of the company’s stock traded hands, compared to its average volume of 1,842,792. Helmerich & Payne has a 52 week low of $42.16 and a 52 week high of $85.78. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.19 and a current ratio of 3.59.
In other news, CEO John W. Lindsay bought 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was acquired at an average price of $47.73 per share, for a total transaction of $238,650.00. Following the acquisition, the chief executive officer now owns 147,727 shares of the company’s stock, valued at $7,051,009.71. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.90% of the stock is currently owned by insiders.
HP has been the subject of several research reports. Cowen reaffirmed a “hold” rating and set a $50.00 price target on shares of Helmerich & Payne in a research note on Friday, August 11th. Societe Generale initiated coverage on Helmerich & Payne in a research note on Thursday, August 31st. They set a “hold” rating and a $46.00 price target for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $66.00 price target on shares of Helmerich & Payne in a research note on Wednesday, September 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $53.00 price target (down previously from $65.00) on shares of Helmerich & Payne in a research note on Friday, September 8th. Finally, J P Morgan Chase & Co cut their target price on shares of Helmerich & Payne from $44.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, September 12th. Eight research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the stock. Helmerich & Payne currently has a consensus rating of “Hold” and a consensus target price of $54.92.
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About Helmerich & Payne
Helmerich & Payne, Inc is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology.
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