Hedge Funds Were Right About These 5 Soaring Stocks

2. Helmerich & Payne, Inc. (NYSE:HP)

Number of Hedge Fund Shareholders: 29

Year-to-Date Returns: 83.9%

There’s been an 81% surge in hedge fund ownership of Helmerich & Payne, Inc. (NYSE:HP) over the past year, which is bested by the stock’s 84% gains in 2022. Mark Schlueter and Jonathan Lamensdorf’s Sagefield Capital and Michael Gelband’s ExodusPoint Capital are among the recent buyers of the stock.

Helmerich & Payne, Inc. (NYSE:HP) is the second land rig operator to land in the top five thanks to rising rig demand and improved pricing power that have electrified the sector’s results. Helmerich and Payne’s fiscal Q3 revenue of $550 million topped estimates by $30 million, while its adjusted EPS of $0.05 was in line.

Potential investors shouldn’t be frightened off by Helmerich & Payne, Inc. (NYSE:HP) or Nabors’ share price appreciation this year according to Barclays analyst J. David Anderson. He states that while some believe the U.S onshore market has already peaked, it is in reality just getting warmed up, with a multi-year up-cycle likely in store. Anderson has a $52 price target on HP shares and recently upgraded them to ‘Overweight’ from ‘Equal Weight’.