Fisher Asset Management LLC has decreased its holdings in Helmerich & Payne, Inc. (NYSE: HP) by 3.1%, according to a recent filing with the Securities and Exchange Commission. After selling 54,418 shares in the third quarter, the firm now owns 1,706,123 shares valued at approximately $37.7 million.
This reduction comes as various institutional investors adjust their positions in the oil and gas sector. Notably, Allianz Asset Management GmbH increased its stake in Helmerich & Payne by an impressive 234.7%, acquiring an additional 268,882 shares, bringing its total to 383,437 shares worth around $8.5 million.
Similarly, Advisors Asset Management Inc. boosted its stake by 61.5%, owning 117,958 shares valued at $2.6 million after purchasing an additional 44,906 shares. Mitsubishi UFJ Trust & Banking Corp. saw a remarkable increase in its position by 398.3%, with 47,073 shares valued at $1.04 million following the acquisition of 37,626 additional shares.
In the second quarter, Jefferies Financial Group Inc. initiated a new position valued at $174,000, while Caxton Associates LLP raised its stake by 666.7%, now holding 195,313 shares worth $2.96 million. Institutional investors collectively own 96.05% of Helmerich & Payne’s stock.
Market Performance and Analyst Ratings
On the market front, Helmerich & Payne’s shares opened at $33.97 on a recent Wednesday, reflecting a 3.2% decline. The stock has fluctuated significantly over the past year, with a low of $14.65 and a high of $36.73. Key financial ratios reveal a quick ratio of 1.58, a current ratio of 2.03, and a debt-to-equity ratio of 0.75. The company’s market capitalization stands at $3.39 billion, with a price-to-earnings ratio of -10.65 and a beta of 0.54.
In addition to stock movements, Helmerich & Payne recently announced a quarterly dividend of $0.25 per share, which was paid on February 27, 2024. Shareholders of record on February 13, 2024 received this dividend, representing an annualized payout of $1.00 and a yield of 2.9%. The company’s current dividend payout ratio is -31.35%.
Analysts have provided varied opinions on Helmerich & Payne’s stock. Evercore set a price target of $37.00, while Goldman Sachs reiterated a “neutral” rating with a $32.00 target. Royal Bank of Canada raised its price objective from $34.00 to $36.00, giving the company 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 price target, now set at $38.00, maintaining a “hold” rating. Currently, four analysts rate the stock as a Buy, six as Hold, and two as Sell, with an average consensus target price of $36.20 according to MarketBeat.
Insider Transactions and Company Profile
In insider news, Director Hans Helmerich sold 75,000 shares on December 19, 2023, for a total of $2.11 million at an average price of $28.12. Following this transaction, he retains 496,735 shares, valued at approximately $13.97 million. Insiders currently own 4.40% of Helmerich & Payne’s stock.
Founded in 1920 and headquartered in Tulsa, Oklahoma, Helmerich & Payne, Inc. specializes in contract drilling services for the oil and gas industry. The company is recognized for its advanced drilling rigs, particularly the proprietary FlexRigs, designed for high efficiency and rapid mobilization. In addition to drilling, the company offers well intervention and workover services, positioning itself as a comprehensive solutions provider in the exploration and production sector.
As the market evolves, ongoing changes in institutional holdings and analyst ratings will continue to shape the landscape for Helmerich & Payne, reflecting broader trends in the energy sector.
