BlackRock Inc. Sells 428,909 Shares of Helmerich & Payne, Inc. (NYSE:HP)

06 Dec 2023, 13:45 by Tristan Rich · The Markets Daily

BlackRock Inc. cut its holdings in Helmerich & Payne, Inc. (NYSE:HP – Free Report) by 2.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,482,064 shares of the oil and gas company’s stock after selling 428,909 shares during the quarter. BlackRock Inc. owned about 17.58% of Helmerich & Payne worth $619,739,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of HP. Rockefeller Capital Management L.P. boosted its position in shares of Helmerich & Payne by 221.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 533 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 367 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new position in shares of Helmerich & Payne during the first quarter worth $31,000. Bessemer Group Inc. boosted its position in shares of Helmerich & Payne by 331.4% during the second quarter. Bessemer Group Inc. now owns 906 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 696 shares in the last quarter. Quarry LP bought a new position in shares of Helmerich & Payne during the first quarter worth $43,000. Finally, Coppell Advisory Solutions Corp. bought a new position in shares of Helmerich & Payne during the fourth quarter worth $45,000. 96.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Helmerich & Payne from $42.00 to $44.00 and gave the company an “underweight” rating in a research report on Tuesday, October 17th. Atb Cap Markets cut shares of Helmerich & Payne from an “outperform” rating to a “sector perform” rating in a research report on Thursday, November 16th. Citigroup boosted their price objective on shares of Helmerich & Payne from $38.00 to $42.00 in a research report on Friday, October 6th. The Goldman Sachs Group boosted their price objective on shares of Helmerich & Payne from $33.00 to $37.00 and gave the company a “sell” rating in a research report on Wednesday, August 9th. Finally, StockNews.com cut shares of Helmerich & Payne from a “buy” rating to a “hold” rating in a research report on Tuesday, November 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $42.38.

View Our Latest Research Report on Helmerich & Payne

Helmerich & Payne Stock Down 3.1 %

Shares of HP stock opened at $35.68 on Wednesday. The company has a current ratio of 2.40, a quick ratio of 2.18 and a debt-to-equity ratio of 0.20. Helmerich & Payne, Inc. has a 1 year low of $30.41 and a 1 year high of $51.25. The firm’s fifty day moving average price is $39.66 and its two-hundred day moving average price is $39.25. The firm has a market capitalization of $3.55 billion, a P/E ratio of 8.58 and a beta of 1.59.

Helmerich & Payne (NYSE:HP – Get Free Report) last issued its quarterly earnings results on Thursday, November 9th. The oil and gas company reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.03). The business had revenue of $659.61 million during the quarter, compared to analyst estimates of $662.17 million. Helmerich & Payne had a net margin of 15.11% and a return on equity of 15.76%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share. On average, equities analysts predict that Helmerich & Payne, Inc. will post 3.1 EPS for the current fiscal year.

Helmerich & Payne Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 4th. Stockholders of record on Monday, November 20th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, November 17th. This represents a $1.00 annualized dividend and a dividend yield of 2.80%. Helmerich & Payne’s dividend payout ratio is presently 24.04%.

Insider Transactions at Helmerich & Payne

In other news, SVP Raymond John Adams III sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $45.00, for a total transaction of $112,500.00. Following the transaction, the senior vice president now directly owns 69,025 shares in the company, valued at approximately $3,106,125. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Raymond John Adams III sold 2,500 shares of Helmerich & Payne stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $45.00, for a total transaction of $112,500.00. Following the completion of the sale, the senior vice president now owns 69,025 shares of the company’s stock, valued at approximately $3,106,125. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Hans Helmerich sold 25,627 shares of Helmerich & Payne stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $42.46, for a total transaction of $1,088,122.42. Following the sale, the director now directly owns 1,340,288 shares of the company’s stock, valued at approximately $56,908,628.48. The disclosure for this sale can be found here. Insiders have sold 34,127 shares of company stock worth $1,455,502 in the last ninety days. Insiders own 4.16% of the company’s stock.

Helmerich & Payne Company Profile

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