Helmerich & Payne (HP) Stock Closed Higher on Mixed Earnings
NEW YORK (TheStreet) -- Shares of Helmerich & Payne (HP) - Get Report closed trading up 3.57% to $53.44 on Thursday following the release of the company's fourth quarter financial results before the opening bell.
The company reported a loss of $21.2 million, or earnings of 4 cents per share on an adjusted basis versus Zacks Investment Research's consensus 6 cent per share expectations.
However, revenue for the period was $566 million, topping Zacks $525 million expectations.
"After delivering record-breaking results in 2014, we began fiscal 2015 with high expectations. Unfortunately, these past 12 months have brought very low and volatile oil prices and the industry rig count in the U.S. has fallen to levels below those experienced during the recession in 2009," said CEO John Lindsay.
TheStreet Ratings team rates HELMERICH & PAYNE as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
We rate HELMERICH & PAYNE (HP) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.
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