Norges Bank Buys Shares of 673,692 Helmerich & Payne, Inc. (NYSE:HP)

Norges Bank purchased a new position in shares of Helmerich & Payne, Inc. (NYSE:HP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 673,692 shares of the oil and gas company’s stock, valued at approximately $21,572,000.

Several other institutional investors have also recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new stake in Helmerich & Payne during the fourth quarter worth $27,000. Quarry LP purchased a new position in shares of Helmerich & Payne during the 3rd quarter worth $48,000. Steph & Co. purchased a new position in shares of Helmerich & Payne during the 4th quarter worth $87,000. Smartleaf Asset Management LLC increased its position in shares of Helmerich & Payne by 82.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,805 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 1,268 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in Helmerich & Payne by 143.3% in the 4th quarter. Blue Trust Inc. now owns 3,703 shares of the oil and gas company’s stock valued at $113,000 after buying an additional 2,181 shares during the period. Hedge funds and other institutional investors own 96.05% of the company’s stock.

Helmerich & Payne Stock Performance

Shares of HP opened at $19.77 on Monday. Helmerich & Payne, Inc. has a 1 year low of $19.53 and a 1 year high of $44.11. The stock has a market capitalization of $1.96 billion, a PE ratio of 6.50, a PEG ratio of 3.52 and a beta of 1.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.52 and a current ratio of 2.81. The stock has a 50-day simple moving average of $26.89 and a 200-day simple moving average of $31.40.

Helmerich & Payne (NYSE:HP) last issued its quarterly earnings results on Wednesday, February 5th. The oil and gas company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Helmerich & Payne had a net margin of 11.02% and a return on equity of 11.31%. On average, analysts predict that Helmerich & Payne, Inc. will post 2.93 earnings per share for the current fiscal year.

Helmerich & Payne Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date is Thursday, May 15th. Helmerich & Payne’s dividend payout ratio is presently 32.89%.

Insiders Place Their Bets

In related news, CEO John W. Lindsay purchased 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were purchased at an average cost of $27.55 per share, for a total transaction of $551,000.00. Following the purchase, the chief executive officer now directly owns 691,214 shares of the company’s stock, valued at $19,042,945.70. The trade was a 2.98 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Belgacem Chariag purchased 37,356 shares of Helmerich & Payne stock in a transaction that occurred on Monday, February 10th. The stock was bought at an average cost of $27.08 per share, with a total value of $1,011,600.48. Following the completion of the transaction, the director now owns 54,606 shares of the company’s stock, valued at $1,478,730.48. The trade was a 216.56 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.51% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on HP. Citigroup raised shares of Helmerich & Payne from a “neutral” rating to a “buy” rating and increased their target price for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Morgan Stanley reiterated an “underweight” rating and issued a $27.00 target price on shares of Helmerich & Payne in a report on Thursday, March 27th. Barclays decreased their price target on Helmerich & Payne from $36.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Argus raised Helmerich & Payne to a “hold” rating in a research note on Tuesday, February 11th. Finally, Evercore ISI reissued an “in-line” rating and set a $39.00 target price (down previously from $48.00) on shares of Helmerich & Payne in a research note on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Helmerich & Payne currently has a consensus rating of “Hold” and a consensus price target of $36.11.

About Helmerich & Payne

Founded in 1920, Helmerich & Payne, Inc (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders.