Why Helmerich & Payne Stock Zoomed 12% Higher Today
A pair of convincing beats on quarterly earnings sent Helmerich Payne (NYSE: HP) stock to a double-digit gain on Tuesday. The contract-drilling specialist for the oil and gas industry posted its first quarter of fiscal 2024 figures, which cheered investors despite several declines in key metrics. The company's shares closed the day 12% higher, easily outpacing the essentially flat performance of the S 500 index.
For the quarter, Helmerich Payne earned just over $677 million in revenue, which was down from the nearly $720 million in the same period of fiscal 2023. The company's non-GAAP (adjusted) net income was $98.3 million ($0.97 per share), compared to almost $118 million in the year-ago quarter.
Despite the drops in both headline figures, they crushed analyst estimates. On average, pundits following Helmerich Payne stock were modeling for less than $662 million in revenue and adjusted per-share net income of $0.73.
Source Fool.com
HP Inc. Stock
The sentiment is rather negative at the moment with 15 Sell predictions and 2 Buy predictions.
A potential of -42.02%, resulting from comparing the current price of 25.87 € with the target price of 15 € for HP Inc., shows the chance of incurring significant losses.
