Helmerich & Payne director Chariag buys $1.01 million in stock

Helmerich & Payne, Inc. (NYSE:HP) Director Belgacem Chariag has recently acquired a substantial amount of the company’s common stock, according to a recent SEC filing. On February 10, Chariag purchased 37,356 shares at an average price of $27.08 per share, with the total transaction amounting to approximately $1.01 million. This acquisition increases Chariag’s holdings to 54,606 shares in the oil and gas drilling company. The timing is notable as the company maintains a solid financial position with a current ratio of 2.81 and has maintained dividend payments for 55 consecutive years, currently yielding 4.89%. InvestingPro subscribers can access additional insights, including 8 more key tips and a comprehensive Pro Research Report, which provides deep-dive analysis of HP (NYSE:HPQ)’s financial health and growth prospects.

In other recent news, Helmerich & Payne has been the subject of several analyst adjustments. CFRA analyst Stewart Glickman downgraded the company’s stock from Buy to Sell, with a revised price target of $25, citing concerns about the future of the land drilling market. This was influenced by a combination of factors, including the ongoing suspension of rig operations in Saudi Arabia and what was characterized as underwhelming guidance for North America.

However, in contrast, Citi analyst Scott Gruber upgraded Helmerich & Payne stock from Neutral to Buy, expecting a significant free cash flow yield following the closure of its KCA transaction. While noting uncertainties surrounding KCA’s EBITDA, Gruber believed the market had already priced in a more negative scenario for the stock.

In terms of earnings and revenue, Helmerich & Payne reported first-quarter revenue of $677.3 million, missing the consensus estimate of $691.49 million. The company also reported earnings per share of $0.71 for the quarter ended December 31, 2024, slightly above the analyst prediction of $0.69.

In other company news, Helmerich & Payne recently completed the acquisition of KCA Deutag, aiming to establish itself as a global leader in onshore drilling. However, the company also announced a delay to its previously arranged acquisition of KCA Deutag, with the transaction now not expected to be completed until at least January 15, 2025.

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