Analyst Note| Katherine Olexa |
Helmerich & Payne concluded the second quarter (the firm’s fiscal third quarter) with sequential revenue growth in all three of its segments for the first time since the same period in 2018. We maintain our fair value estimate of $27. HP’s North America solutions and offshore Gulf of Mexico segments posted sequential increases of 12% and 14%, respectively, as U.S. rig counts continued to improve. Overall firm revenue grew 12% quarter over quarter.