Helmerich & Payne (NYSE:HP) Shares Gap Down - Here's Why

Helmerich & Payne, Inc. (NYSE:HP - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $36.20, but opened at $34.49. Helmerich & Payne shares last traded at $33.89, with a volume of 371,475 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on HP. The Goldman Sachs Group lowered their price objective on shares of Helmerich & Payne from $38.00 to $34.00 and set a "sell" rating for the company in a research report on Thursday, August 29th. Barclays decreased their price target on shares of Helmerich & Payne from $42.00 to $39.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 16th. Royal Bank of Canada raised their price target on shares of Helmerich & Payne from $48.00 to $50.00 and gave the stock a "sector perform" rating in a research report on Friday, July 26th. Benchmark reissued a "hold" rating on shares of Helmerich & Payne in a research report on Monday, August 5th. Finally, Evercore ISI raised shares of Helmerich & Payne to a "strong-buy" rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $40.29.

Helmerich & Payne Trading Down 6.3 %

The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 9.83, a P/E/G ratio of 3.83 and a beta of 1.40. The business's fifty day simple moving average is $33.41 and its 200 day simple moving average is $35.22. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.12 and a quick ratio of 1.87.

Helmerich & Payne Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Monday, November 18th. Helmerich & Payne's payout ratio is 28.99%.

Institutional Investors Weigh In On Helmerich & Payne

Hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC bought a new stake in Helmerich & Payne in the first quarter valued at $33,000. Covestor Ltd raised 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 valued at $40,000 after purchasing an additional 674 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Helmerich & Payne by 127.8% during the third quarter. Blue Trust Inc. now owns 1,522 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 854 shares in the last quarter. Eastern Bank bought a new stake in shares of Helmerich & Payne during the third quarter valued at about $61,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Helmerich & Payne during the first quarter valued at about $102,000. 96.05% of the stock is currently owned by institutional investors.

Helmerich & Payne Company Profile

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.