TD Cowen Forecasts Strong Price Appreciation for Helmerich & Payne (NYSE:HP) Stock

Helmerich & Payne (NYSE:HP) had its target price increased by analysts at TD Cowen from $33.00 to $35.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the oil and gas company’s stock. TD Cowen’s price target would suggest a potential upside of 11.54% from the company’s previous close.

A number of other equities analysts have also issued reports on HP. Weiss Ratings reiterated a “sell (d+)” rating on shares of Helmerich & Payne in a research report on Monday, December 29th. Wall Street Zen lowered shares of Helmerich & Payne from a “hold” rating to a “sell” rating in a research note on Sunday, November 23rd. Morgan Stanley set a $26.00 price objective on shares of Helmerich & Payne in a research note on Monday, December 15th. The Goldman Sachs Group upgraded Helmerich & Payne from a “sell” rating to a “neutral” rating and upped their target price for the stock from $20.00 to $28.00 in a research report on Thursday, November 20th. Finally, Barclays increased their price target on Helmerich & Payne from $29.00 to $36.00 and gave the company a “neutral” rating in a research note on Wednesday, December 17th. Three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Helmerich & Payne presently has an average rating of “Hold” and an average target price of $31.90.

Helmerich & Payne Stock Performance

Shares of HP stock opened at $31.38 on Wednesday. Helmerich & Payne has a 12-month low of $14.65 and a 12-month high of $37.30. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of -18.79 and a beta of 0.56. The business has a 50 day simple moving average of $28.25 and a 200 day simple moving average of $22.57. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.80 and a quick ratio of 1.40.

Helmerich & Payne (NYSE:HP) last announced its earnings results on Monday, November 17th. The oil and gas company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.27). Helmerich & Payne had a negative net margin of 4.37% and a positive return on equity of 3.21%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $972.79 million. During the same period in the previous year, the firm earned $0.76 EPS. The firm’s revenue was up 45.8% on a year-over-year basis. On average, equities research analysts anticipate that Helmerich & Payne will post 2.93 EPS for the current year.

Insider Activity

In other news, Director Hans Helmerich sold 75,000 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $28.12, for a total transaction of $2,109,000.00. Following the completion of the sale, the director owned 496,735 shares in the company, valued at approximately $13,968,188.20. This represents a 13.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.51% of the company’s stock.

Institutional Investors Weigh In On Helmerich & Payne

Several hedge funds have recently modified their holdings of the stock. Grace & White Inc. NY boosted its stake in shares of Helmerich & Payne by 23.3% during the 2nd quarter. Grace & White Inc. NY now owns 139,742 shares of the oil and gas company’s stock valued at $2,118,000 after buying an additional 26,400 shares during the period. State of Alaska Department of Revenue grew its stake in Helmerich & Payne by 7.6% in the second quarter. State of Alaska Department of Revenue now owns 59,223 shares of the oil and gas company’s stock valued at $897,000 after purchasing an additional 4,158 shares in the last quarter. Abel Hall LLC acquired a new position in Helmerich & Payne in the 2nd quarter worth about $163,000. Eads & Heald Wealth Management purchased a new stake in shares of Helmerich & Payne during the 2nd quarter worth about $377,000. Finally, Tcfg Wealth Management LLC acquired a new stake in shares of Helmerich & Payne during the 2nd quarter valued at about $766,000. 96.05% of the stock is owned by hedge funds and other institutional investors.

About Helmerich & Payne

Helmerich & Payne, Inc is a leading provider of contract drilling services to the oil and gas industry, specializing primarily in onshore drilling operations. The company designs, engineers and operates a fleet of advanced drilling rigs, including its proprietary FlexRigs, which are engineered for high efficiency, safety and rapid mobilization. Alongside core drilling services, Helmerich & Payne offers well intervention, workover and coiled tubing services, positioning itself as a comprehensive drilling solutions partner for exploration and production companies worldwide.

Founded in 1920 and headquartered in Tulsa, Oklahoma, Helmerich & Payne has grown through innovation and strategic expansion to serve diverse hydrocarbon basins.