Helmerich & Payne (NYSE:HP) Cut to “Underperform” at Wells Fargo & Co

Helmerich & Payne (NYSE:HP) was downgraded by analysts at Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a note issued to investors on Thursday, The Fly reports.

Several other research analysts have also recently issued reports on HP. Royal Bank of Canada set a $65.00 price target on Helmerich & Payne and gave the company a “buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. dropped their price target on Helmerich & Payne from $64.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Evercore ISI began coverage on Helmerich & Payne in a report on Thursday, June 6th. They issued an “outperform” rating on the stock. Bank of America dropped their price target on Helmerich & Payne from $56.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, August 28th. Finally, Susquehanna Bancshares dropped their price target on Helmerich & Payne from $72.00 to $62.00 in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $61.86.

NYSE HP opened at $42.65 on Thursday. The stock has a market capitalization of $4.70 billion, a P/E ratio of 304.64, a P/E/G ratio of 1.22 and a beta of 1.57. Helmerich & Payne has a 1 year low of $36.06 and a 1 year high of $73.74. The business’s fifty day moving average is $41.59 and its two-hundred day moving average is $51.13. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.47 and a current ratio of 2.86.

Helmerich & Payne (NYSE:HP) last posted its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.05. The company had revenue of $687.97 million for the quarter, compared to analysts’ expectations of $689.41 million. Helmerich & Payne had a positive return on equity of 4.06% and a negative net margin of 2.54%. The firm’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) earnings per share. On average, research analysts forecast that Helmerich & Payne will post 1.56 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Helmerich & Payne by 4.1% during the 2nd quarter. Vanguard Group Inc. now owns 12,381,816 shares of the oil and gas company’s stock worth $626,767,000 after acquiring an additional 490,806 shares during the last quarter. Capital World Investors lifted its position in Helmerich & Payne by 26.8% during the 4th quarter. Capital World Investors now owns 11,505,355 shares of the oil and gas company’s stock worth $616,112,000 after acquiring an additional 2,432,100 shares during the last quarter. BlackRock Inc. lifted its position in Helmerich & Payne by 4.5% during the 2nd quarter. BlackRock Inc. now owns 11,459,741 shares of the oil and gas company’s stock worth $622,721,000 after acquiring an additional 492,673 shares during the last quarter. Finally, Capital International Investors lifted its position in Helmerich & Payne by 37.2% during the 3rd quarter. Capital International Investors now owns 8,026,854 shares of the oil and gas company’s stock worth $418,279,000 after acquiring an additional 2,177,139 shares during the last quarter. 90.86% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Helmerich & Payne (NYSE:HP)

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