Fisher Asset Management LLC has reduced its holdings in Helmerich & Payne, Inc. (NYSE: HP) by 3.1% during the third quarter of 2024, according to a filing with the Securities and Exchange Commission (SEC). The firm now owns 1,706,123 shares after selling 54,418 shares during this period. These shares were valued at approximately $37.7 million at the end of the quarter.
Several other institutional investors have also made notable adjustments to their positions in Helmerich & Payne. Allianz Asset Management GmbH significantly increased its stake by 234.7%, acquiring an additional 268,882 shares to reach a total of 383,437 shares, valued at around $8.47 million. Similarly, Advisors Asset Management Inc. grew its holdings by 61.5%, now owning 117,958 shares worth approximately $2.61 million.
Mitsubishi UFJ Trust & Banking Corp. expanded its position by an impressive 398.3%, increasing its shares to 47,073, valued at about $1.04 million. Other notable investments include Jefferies Financial Group Inc., which entered a new position valued at $174,000, and Caxton Associates LLP, which raised its stake by 666.7% to 195,313 shares, valued at around $2.96 million. Overall, institutional investors now own 96.05% of Helmerich & Payne’s stock.
Recent Stock Performance and Dividends
On February 27, 2024, Helmerich & Payne’s share price opened at $33.97. The company has experienced a twelve-month low of $14.65 and a high of $36.73. Key financial metrics include a quick ratio of 1.58, a current ratio of 2.03, and a debt-to-equity ratio of 0.75. Its market capitalization stands at $3.39 billion, with a price-to-earnings ratio of -10.65 and a beta of 0.54.
Helmerich & Payne also announced a quarterly dividend of $0.25, which was distributed to shareholders on February 27, 2024. The dividend represents an annualized amount of $1.00, yielding 2.9%. The company’s dividend payout ratio is currently reported at -31.35%.
Analysts’ Ratings and Insights
Recent analysis from various research firms has provided insights into Helmerich & Payne’s stock. Evercore established a target price of $37.00, while Goldman Sachs maintained a “neutral” rating with a $32.00 target. Royal Bank of Canada raised its price objective from $34.00 to $36.00 and assigned a “sector perform” rating.
JPMorgan Chase & Co. upgraded its rating from “neutral” to “overweight,” increasing its target price from $24.00 to $34.00. TD Cowen also raised its target from $35.00 to $38.00, giving the company a “hold” rating. Overall, investment analysts have assigned Helmerich & Payne an average rating of “Hold” with a consensus target price of $36.20.
In insider trading news, Director Hans Helmerich sold 75,000 shares on December 19, 2023, for a total of $2.11 million. This transaction decreased his ownership by 13.12%, leaving him with 496,735 shares valued at around $13.97 million.
Company Overview
Helmerich & Payne, Inc., founded in 1920 and headquartered in Tulsa, Oklahoma, provides contract drilling services primarily to the oil and gas industry. The company specializes in onshore drilling operations and operates a fleet of advanced drilling rigs, including its proprietary FlexRigs, designed for high efficiency and rapid mobilization.
In addition to core drilling services, Helmerich & Payne offers well intervention, workover, and coiled tubing services, positioning itself as a comprehensive solutions partner for exploration and production companies globally. As it continues to innovate and expand strategically, Helmerich & Payne remains a key player in the energy sector.
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