Helmerich & Payne, Inc. (NYSE:HP) shares were up 5.9% during trading on Wednesday . The company traded as high as $46.59 and last traded at $46.35. Approximately 3,077,068 shares traded hands during mid-day trading, an increase of 41% from the average daily volume of 2,185,410 shares. The stock had previously closed at $43.77.

A number of research analysts have recently commented on HP shares. Morgan Stanley cut shares of Helmerich & Payne from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $85.00 to $56.00 in a report on Wednesday, June 21st. BMO Capital Markets reissued a “sell” rating and issued a $54.00 target price on shares of Helmerich & Payne in a report on Thursday, June 22nd. Cowen and Company reissued a “hold” rating and issued a $50.00 target price on shares of Helmerich & Payne in a report on Friday, August 11th. Royal Bank Of Canada reissued a “hold” rating on shares of Helmerich & Payne in a report on Friday, May 26th. Finally, Evercore ISI reissued an “in-line” rating and issued a $48.00 target price (down previously from $65.00) on shares of Helmerich & Payne in a report on Tuesday, August 1st. Seven investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $55.52.

The stock’s market capitalization is $5.00 billion. The firm’s 50 day moving average price is $47.32 and its 200-day moving average price is $57.30.

Helmerich & Payne (NYSE:HP) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.25) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.05. The business had revenue of $498.60 million for the quarter, compared to analysts’ expectations of $452.42 million. Helmerich & Payne had a negative return on equity of 3.37% and a negative net margin of 11.19%. The business’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.20) EPS. On average, analysts forecast that Helmerich & Payne, Inc. will post ($1.32) earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in HP. BlackRock Inc. increased its stake in Helmerich & Payne by 3,318.2% in the 1st quarter. BlackRock Inc. now owns 10,967,068 shares of the oil and gas company’s stock worth $730,077,000 after purchasing an additional 10,646,223 shares during the period. Artisan Partners Limited Partnership purchased a new position in shares of Helmerich & Payne during the first quarter valued at approximately $153,996,000. Brandywine Global Investment Management LLC increased its stake in shares of Helmerich & Payne by 2,253.8% during the second quarter. Brandywine Global Investment Management LLC now owns 2,147,944 shares of the oil and gas company’s stock valued at $116,720,000 after buying an additional 2,056,689 shares during the period. Capital International Investors increased its stake in shares of Helmerich & Payne by 33.5% during the second quarter. Capital International Investors now owns 5,849,715 shares of the oil and gas company’s stock valued at $317,874,000 after buying an additional 1,466,700 shares during the period. Finally, Kiltearn Partners LLP increased its stake in shares of Helmerich & Payne by 165.0% during the second quarter. Kiltearn Partners LLP now owns 2,289,302 shares of the oil and gas company’s stock valued at $124,401,000 after buying an additional 1,425,513 shares during the period.

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Helmerich & Payne Company Profile

Helmerich & Payne, Inc is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology.