Crispr Therapeutics shares tumble after significant earnings miss
In a challenging market environment, Helmerich & Payne (NYSE:HP)’s stock has hit a 52-week low, with shares dropping to $25.69. The oil and gas drilling company has faced significant headwinds over the past year, reflected in a substantial 1-year change with a decline of -31.92%. Investors are closely monitoring the company’s performance as it navigates through the volatile energy sector, which has been marked by fluctuating oil prices and shifting demand patterns. The current price level represents a critical juncture for Helmerich & Payne, as market participants consider the company’s strategic moves to stabilize and potentially enhance its market position amidst ongoing industry pressures.
In other recent news, Helmerich & Payne reported first-quarter revenue of $677.3 million, which fell short of Wall Street’s consensus estimate of $691.49 million. Despite this revenue miss, the company achieved earnings per share of $0.71, slightly above the expected $0.69. The company’s ongoing acquisition of KCA Deutag has been delayed, with completion now anticipated no earlier than January 15, 2025. This acquisition is expected to expand Helmerich & Payne’s service offerings in the drilling sector. Analyst Scott Gruber from Citi upgraded Helmerich & Payne’s stock from Neutral to Buy, raising the price target to $40.00, citing potential positive cash flow following the KCA transaction. Conversely, CFRA analyst Stewart Glickman downgraded the stock from Buy to Sell, lowering the price target to $25.00 due to concerns about the land drilling market and ongoing rig suspensions in Saudi Arabia. Glickman also highlighted the softness in international markets and underwhelming guidance for North America. Despite these challenges, Helmerich & Payne continues to maintain its position as a prominent player in the land drilling industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.