The stock of Helmerich & Payne, Inc. (NYSE:HP) is now priced at $16.48 and the shares are -0.51 points down or -3% lower compared to its previous closing price of $16.99. The stock had 2.014 million contracts set over the past session. HP shares’ daily volume is compared to its average trading volume at 2.047 million shares. However, it has a float of 104 million and although its performance was -5.4% over the week, it’s one to watch. Analysts have given the HP stock a yearly average price target of $18.9 per share. It means the stock’s upside potential is 14.68% with the HP share price recently placing at $16.47 to $17.12. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the Helmerich & Payne, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the HP shares have declined. Short interest in the stock represents just 6.42% of its float, but the volume has dropped by 0.
In the last trading session, Helmerich & Payne, Inc. (NYSE:HP) dropped by -$0.94 over the week and lost -$1.63 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $47.45. The stock recorded its established 52-week high on 09/16/19.
Since 03/20/20, the stock has traded to a low of $12.4 at 32.9%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.08. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Helmerich & Payne, Inc.’s two-week RSI is 38.97. This suggests that the stock is neutral at the moment and that HP shares’ price movement remains stable. The stochastic readings are equally revealing at 8.37% meaning the HP share price is currently in overbought territory.
The technical chart shows that the HP stock will likely settle at between $16.91 and $17.34 per share. However, if the stock dips below $16.26, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $16.04.
Currently, the stock is trading in the red of MACD, with a reading of -0.35. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at B. Riley FBR cut their recommendation for HP from Neutral to Sell in August 24 review while maintai their target price of $11.5. Cowen analysts see the stock as a Market Perform, but they also raised the share’s target price from $12 to $8 in a flash note released to investors on August 04. Barclays seeing the stock struggling downgraded it from Equal Weight to Underweight on August 03 placing it at $14 to $13.
The average rating for the HP equity is 2.42 and is currently gathering a bullish momentum. Of 24 analysts tracking Helmerich & Payne, Inc. polled by Reuters, 8 rated HP as a hold. The remaining 16 analysts were split evenly. However, the split wasn’t equal as a majority (12) rated it as a buy or strong buy. 4 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Helmerich & Payne, Inc. (NYSE:HP) will decrease by about -99.93%, which will see them reach $207 million. The company’s full-year revenues are, however, expected to diminish by about -38.21%, down from $2800 million to $1730 million. HP’s expected adjusted earnings should drop almost -307.89% to end up at -$0.79 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -210.86% to record -$1.94/share.