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News Breaks
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October 25, 2009
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| 14:26 EDT |  | HP |
| theflyonthewall.com: | Helmerich & Payne CEO sold 45,000 shares, prospects are bright, Barron's says | | Hans Helmerich, the president and CEO of Helmerich & Payne (HP), sold 45,000 shares last Friday for $1.9M, or about $43.28 per share. Helmerich, whose grandfather founded the company and whose father W.H. Helmerich III is a director, hadn't sold shares since June 2008. He continues to own about 2M shares, or about 2% of the company. Helmerich & Payne's shares have soared 38% in the past three months as the price of natural gas has jumped. Shares closed at $43.07 Friday. A company spokesman says Hans Helmerich sells every year, and noted that the transaction represented less than 3% of his holdings. Helmerich & Payne is the "best in class" land driller in the U.S., says Jesup & Lamont analyst Lewis Kreps, who rates the stock at Sell on concerns about valuation. Helmerich & Payne should do well regardless of whether the price of natural gas continues its ascent, Kreps says. Helmerich's stock sales, doesn't bother Kreps, given the amount stock the CEO still owns. Mark Brown, a Pritchard Capital analyst who rates the stock at Neutral, says Helmerich & Payne should do well as the new shale gas plays become more and more important. Reference Link :theflyonthewall.com |
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