BMO Capital Markets Upgrades Helmerich & Payne (HP) to “Market Perform”

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Helmerich & Payne (NYSE:HP) was upgraded by research analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a research report issued on Monday, Marketbeat reports. The firm presently has a $68.00 target price on the oil and gas company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 9.80% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Bank of America assumed coverage on Helmerich & Payne in a research note on Wednesday, October 17th. They set an “underperform” rating on the stock. Wells Fargo & Co set a $72.00 target price on Helmerich & Payne and gave the stock a “hold” rating in a research note on Monday, October 15th. They noted that the move was a valuation call. Cowen reiterated a “hold” rating and set a $61.00 target price on shares of Helmerich & Payne in a research note on Friday, October 12th. Morgan Stanley set a $71.00 target price on Helmerich & Payne and gave the stock a “sell” rating in a research note on Thursday, October 11th. Finally, Wolfe Research assumed coverage on Helmerich & Payne in a research note on Wednesday, October 10th. They set an “underperform” rating on the stock. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $72.00.

NYSE HP opened at $61.93 on Monday. The firm has a market cap of $6.83 billion, a PE ratio of -48.76 and a beta of 1.36. Helmerich & Payne has a one year low of $52.53 and a one year high of $75.02. The company has a current ratio of 2.97, a quick ratio of 2.57 and a debt-to-equity ratio of 0.11.

In related news, CEO John W. Lindsay sold 30,000 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $70.00, for a total value of $2,100,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Chapman Paula Marshall sold 11,309 shares of the business’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $65.13, for a total value of $736,555.17. Following the completion of the sale, the director now owns 14,874 shares in the company, valued at $968,743.62. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

A number of institutional investors have recently made changes to their positions in HP. BlackRock Inc. increased its position in shares of Helmerich & Payne by 1.4% during the second quarter. BlackRock Inc. now owns 10,092,572 shares of the oil and gas company’s stock valued at $643,501,000 after buying an additional 135,102 shares during the period. Bank of New York Mellon Corp increased its position in shares of Helmerich & Payne by 2.0% during the second quarter. Bank of New York Mellon Corp now owns 2,939,321 shares of the oil and gas company’s stock valued at $187,411,000 after buying an additional 58,078 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Helmerich & Payne by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,737,350 shares of the oil and gas company’s stock valued at $174,549,000 after buying an additional 40,868 shares during the period. Van ECK Associates Corp increased its position in shares of Helmerich & Payne by 0.3% during the second quarter. Van ECK Associates Corp now owns 1,140,469 shares of the oil and gas company’s stock valued at $72,716,000 after buying an additional 3,165 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Helmerich & Payne by 4.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 914,283 shares of the oil and gas company’s stock valued at $58,295,000 after buying an additional 39,226 shares during the period. Institutional investors and hedge funds own 92.11% of the company’s stock.

Helmerich & Payne Company Profile

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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