Helmerich & Payne, Inc. (NYSE:HP) to Issue Quarterly Dividend of $0.70

Helmerich & Payne, Inc. (NYSE:HP) announced a quarterly dividend on Thursday, September 7th, Zacks reports. Investors of record on Monday, November 13th will be given a dividend of 0.70 per share by the oil and gas company on Friday, December 1st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend is Friday, November 10th.

Helmerich & Payne has increased its dividend payment by an average of 17.1% per year over the last three years and has increased its dividend annually for the last 44 consecutive years. Helmerich & Payne has a dividend payout ratio of -210.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Helmerich & Payne to earn ($0.63) per share next year, which means the company may not be able to cover its $2.80 annual dividend with an expected future payout ratio of -444.4%.

Helmerich & Payne (NYSE HP) opened at $56.38 on Tuesday. Helmerich & Payne has a 1-year low of $42.16 and a 1-year high of $85.78. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.74 and a quick ratio of 3.33.

In related news, CEO John W. Lindsay purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were purchased at an average cost of $47.73 per share, for a total transaction of $238,650.00. Following the completion of the acquisition, the chief executive officer now owns 147,727 shares in the company, valued at approximately $7,051,009.71. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.23% of the company’s stock.

Several research analysts have recently commented on HP shares. B. Riley reaffirmed a “neutral” rating on shares of Helmerich & Payne in a report on Wednesday, November 1st. Cowen and Company reissued a “hold” rating and issued a $50.00 price objective on shares of Helmerich & Payne in a research note on Friday, August 11th. SunTrust Banks, Inc. reaffirmed a “sell” rating and set a $37.00 target price (down previously from $66.00) on shares of Helmerich & Payne in a research note on Tuesday, October 3rd. UBS AG reiterated a “buy” rating and set a $60.00 price objective (down previously from $84.00) on shares of Helmerich & Payne in a report on Monday, July 31st. Finally, Citigroup Inc. lowered shares of Helmerich & Payne from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $58.00 to $43.00 in a report on Friday, July 28th. Nine equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $54.27.

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About Helmerich & Payne

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.

Dividend History for Helmerich & Payne (NYSE:HP)

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