Hewlett Packard Stock Rises on Upbeat Results

Hewlett Packard announced better-than-expected fiscal fourth-quarter results

Hewlett Packard Enterprise Co (NYSE:HPE) was one of the names reporting earnings after the close yesterday, with its fiscal fourth-quarter profits of 57 cents per share barely beating analysts’ estimates, while revenue of $7.87 billion outperformed the anticipated $7.42 billion. Plus, no fewer than seven analysts lifted their price targets after the event.

In response, HPE is up 4% to trade at $16.07 at last glance. The security’s 320-day moving average, which kept a lid on its August rally, flipped into support earlier this month, and the $15.50 level appears to have emerged as a floor over the last week. Today’s gains have the shares rising above their year-to-date breakeven level as well.

Over in the options pits, 3,201 calls and 1,361 puts have been exchanged, with overall volume running at seven times the intraday average. The December 16 call is the most active contract, followed by the 15 put in that monthly series.

Of the 12 analysts in coverage, seven carry a “buy” or better rating on Hewlett Packard stock, while three say “hold,” and two say “strong sell.” The 12-month consensus price target of $16.58 is still a slim 3.1% premium to current levels, however.

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