Y Intercept Hong Kong Ltd has significantly increased its investment in Helmerich & Payne, Inc. (NYSE: HP) by a remarkable 255.2% during the second quarter of 2023. According to the company’s latest Form 13F filing with the Securities and Exchange Commission, Y Intercept now holds 85,169 shares of the oil and gas company, having purchased an additional 61,194 shares during this period. The firm’s stake in Helmerich & Payne is valued at approximately $1.29 million.
The surge in Y Intercept’s holdings reflects a broader trend among institutional investors, many of whom have also adjusted their positions in Helmerich & Payne recently. For instance, Dimensional Fund Advisors LP increased its stake by 1.3% in the first quarter, now owning 5,483,028 shares worth $143.21 million. Similarly, Victory Capital Management Inc. boosted its holdings by 28.4%, acquiring 3,553,181 shares valued at $92.81 million.
In total, institutional investors and hedge funds control approximately 96.05% of Helmerich & Payne’s stock. Other notable changes include American Century Companies Inc., which increased its shares by 12.2%, and Invesco Ltd., which saw a 24.7% rise in its holdings.
Insider trading activity also occurred recently, with Chief Accounting Officer Sara Marie Momper selling 6,700 shares on August 18, 2023, for an average price of $17.83, totaling $119,461. Following this transaction, she retains 21,908 shares valued at around $390,620, marking a 23.42% decrease in her position. Corporate insiders collectively own 4.51% of the company’s stock.
Analysts have mixed opinions on Helmerich & Payne shares. On September 22, 2023, Barclays set a price target of $25.00 and rated the stock as “overweight.” Meanwhile, Citigroup raised its target from $17.00 to $26.00 with a “neutral” rating. Other institutions have provided varying assessments, with Zacks Research upgrading the stock to a “hold” rating and Weiss Ratings reaffirming a “sell (d+)” rating. Currently, the stock has an average rating of “Reduce” and a consensus target price of $24.20.
In terms of stock performance, Helmerich & Payne shares opened at $26.32 on Monday. The stock’s fifty-day and two-hundred-day moving averages stand at $22.34 and $19.07, respectively. The company has a market capitalization of $2.62 billion, with a P/E ratio of -79.75 and a beta of 0.91. Its debt-to-equity ratio is 0.76, with a quick ratio of 1.43 and a current ratio of 1.84. Over the past year, the stock has fluctuated between a low of $14.65 and a high of $37.46.
Helmerich & Payne recently released quarterly earnings data, reporting $0.22 earnings per share for the quarter, exceeding analysts’ estimates of $0.20. The company recorded revenue of $1.04 billion, surpassing expectations of $1 billion and reflecting a 49.2% increase compared to the same quarter last year. Analysts forecast that Helmerich & Payne will post an earnings per share of $2.93 for the current year.
The company also announced a quarterly dividend of $0.25, set to be paid on December 2, 2023, to investors of record on November 18, 2023. This annualized dividend equates to $1.00, yielding 3.8%, with an ex-dividend date on November 18, 2023. Currently, the payout ratio stands at -303.03%.
Founded in 1920, Helmerich & Payne, Inc. is dedicated to delivering high levels of drilling productivity and reliability. The company is committed to operating with integrity, safety, and innovation to achieve superior results for its customers and returns for shareholders.
