Zacks Research Has Optimistic Outlook of HP FY2024 Earnings

Helmerich & Payne, Inc. (NYSE:HP) – Investment analysts at Zacks Research lifted their FY2024 earnings per share estimates for Helmerich & Payne in a research note issued to investors on Tuesday, October 15th. Zacks Research analyst N. Choudhury now anticipates that the oil and gas company will earn $3.49 per share for the year, up from their previous forecast of $3.48. The consensus estimate for Helmerich & Payne’s current full-year earnings is $3.48 per share. Zacks Research also issued estimates for Helmerich & Payne’s Q4 2024 earnings at $0.76 EPS.

Helmerich & Payne (NYSE:HP) last released its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.15. The firm had revenue of $697.70 million during the quarter, compared to analyst estimates of $670.78 million. Helmerich & Payne had a return on equity of 12.39% and a net margin of 12.72%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.09 earnings per share.

Several other research firms have also recently commented on HP. Royal Bank of Canada increased their price objective on Helmerich & Payne from $48.00 to $50.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Piper Sandler decreased their target price on Helmerich & Payne from $39.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Benchmark reissued a “hold” rating on shares of Helmerich & Payne in a research note on Monday, August 5th. The Goldman Sachs Group reduced their price objective on Helmerich & Payne from $38.00 to $34.00 and set a “sell” rating on the stock in a research note on Thursday, August 29th. Finally, Barclays reduced their price objective on Helmerich & Payne from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Helmerich & Payne presently has a consensus rating of “Hold” and a consensus target price of $40.29.

Helmerich & Payne Price Performance

HP opened at $34.85 on Wednesday. Helmerich & Payne has a 12-month low of $29.46 and a 12-month high of $44.80. The company has a current ratio of 2.12, a quick ratio of 1.87 and a debt-to-equity ratio of 0.19. The stock has a fifty day simple moving average of $32.81 and a two-hundred day simple moving average of $36.25. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 3.80 and a beta of 1.42.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in Helmerich & Payne in the first quarter valued at about $33,000. Hexagon Capital Partners LLC lifted its holdings in Helmerich & Payne by 514.4% in the first quarter. Hexagon Capital Partners LLC now owns 940 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 787 shares during the period. Covestor Ltd grew its stake in shares of Helmerich & Payne by 253.4% during the first quarter. Covestor Ltd now owns 940 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 674 shares during the period. Whittier Trust Co. grew its stake in shares of Helmerich & Payne by 94.9% during the first quarter. Whittier Trust Co. now owns 1,222 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 595 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Helmerich & Payne during the first quarter worth $102,000. Institutional investors and hedge funds own 96.05% of the company’s stock.

Helmerich & Payne Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Monday, November 18th. Helmerich & Payne’s payout ratio is presently 28.57%.

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.