Helmerich & Payne (NYSE:HP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $73.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 9.13% from the company’s current price.
According to Zacks, “The improving outlook at Helmerich & Payne’s biggest unit – U.S. Land — and rising commodity prices are set to provide the contract driller with exciting opportunities to redeploy its technologically-advanced FlexRigs. As it is, healthier drilling activity in U.S. Land segment helped HP come out with narrower-than-expected loss in the last quarter on the back of higher utilizations and dayrates. The energy landscape is expected to further strengthen the fundamentals and increase levels of rig activity. We believe that HP’s proprietary FlexRigs will continue to benefit from the shift to complex onshore plays that require highly intensive solutions. Finally, the company's recent MagVar buy will improve the directional drilling performance and will enable HP to drill wells more efficiently and accurately. Consequently, we view Helmerich & Payne as a preferred energy play to own now.”
A number of other analysts have also weighed in on the stock. Susquehanna Bancshares upgraded shares of Helmerich & Payne from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $42.16 to $75.00 in a research note on Friday. UBS Group upgraded shares of Helmerich & Payne from a “neutral” rating to a “positive” rating in a research note on Friday. Argus increased their price objective on shares of Helmerich & Payne from $65.00 to $87.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. Societe Generale upgraded shares of Helmerich & Payne from a “hold” rating to a “buy” rating in a research note on Monday, January 29th. Finally, Sanford C. Bernstein lowered shares of Helmerich & Payne from an “outperform” rating to a “market perform” rating in a research note on Monday, January 29th. Seven equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $58.00.
Helmerich & Payne (NYSE:HP) last posted its quarterly earnings results on Thursday, January 25th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.14. The business had revenue of $564.10 million during the quarter, compared to analysts’ expectations of $547.64 million. Helmerich & Payne had a net margin of 20.30% and a negative return on equity of 1.90%. The business’s quarterly revenue was up 53.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.33) earnings per share.
In related news, Director Chapman Paula Marshall sold 4,122 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $71.40, for a total transaction of $294,310.80. Following the sale, the director now owns 16,647 shares in the company, valued at $1,188,595.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.10% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. lifted its holdings in Helmerich & Payne by 23.9% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 5,267 shares of the oil and gas company’s stock valued at $340,000 after purchasing an additional 1,016 shares in the last quarter. Xact Kapitalforvaltning AB lifted its holdings in Helmerich & Payne by 20.1% during the fourth quarter. Xact Kapitalforvaltning AB now owns 11,303 shares of the oil and gas company’s stock valued at $731,000 after purchasing an additional 1,890 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Helmerich & Payne by 97.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 8,526 shares of the oil and gas company’s stock valued at $551,000 after purchasing an additional 4,200 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Helmerich & Payne by 51.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 34,827 shares of the oil and gas company’s stock valued at $2,251,000 after purchasing an additional 11,899 shares in the last quarter. Finally, OLD Republic International Corp lifted its holdings in Helmerich & Payne by 15.2% during the fourth quarter. OLD Republic International Corp now owns 653,500 shares of the oil and gas company’s stock valued at $42,242,000 after purchasing an additional 86,000 shares in the last quarter.
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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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