Is Helmerich & Payne, Inc. (HP) A Good Stock To Buy?

Now, key hedge funds have jumped into Helmerich & Payne, Inc. (NYSE:HP) headfirst. Renaissance Technologies, managed by Jim Simons, initiated the most valuable position in Helmerich & Payne, Inc. (NYSE:HP). Renaissance Technologies had $39.6 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also made a $24.3 million investment in the stock during the quarter. The following funds were also among the new HP investors: Ron Gutfleish’s Elm Ridge Capital, Clint Murray’s Lodge Hill Capital, and Israel Englander’s Millennium Management.

Let’s now take a look at hedge fund activity in other stocks similar to Helmerich & Payne, Inc. (NYSE:HP). These stocks are Genpact Limited (NYSE:G), ADT Corp (NYSE:ADT), FireEye Inc (NASDAQ:FEYE), and Edgewell Personal Care Company (NYSE:EPC). All of these stocks’ market caps are closest to HP’s market cap.

As you can see these stocks had an average of 27.5 hedge funds with bullish positions and the average amount invested in these stocks was $430 million. That figure was $369 million in HP’s case. FireEye Inc (NASDAQ:FEYE) is the most popular stock in this table. On the other hand Genpact Limited (NYSE:G) is the least popular one with only 17 bullish hedge fund positions. Helmerich & Payne, Inc. (NYSE:HP) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FEYE might be a better candidate to consider a long position.