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Helmerich & Payne Inc HP

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Maintaining Helmerich & Payne’s $27 FVE; Long-Term Competition Outweighs Near-Term Utilization Gains

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.

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Company Profile

Business Description

Helmerich & Payne has the largest fleet of U.S. land drilling rigs. The company's FlexRig line is the leading choice to drill horizontal wells for production of U.S. tight oil and gas. H&P is present in nearly every major U.S. shale play and also has a small presence internationally.

1437 South Boulder Avenue, Suite 1400
Tulsa, OK, 74119
T +1 918 742-5531
Sector Energy
Industry Oil & Gas Drilling
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type Hard Assets
Employees 4,600