Helmerich & Payne Inc
HP: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$42.00 | Jdff | Mxwxznxt |
Helmerich & Payne Earnings: Fleet Diversification to Non-North American Markets Is Underway
Helmerich & Payne commenced its fiscal first quarter on solid footing, with revenue expanding 3% sequentially despite standard seasonal slowdowns, and the firmwide operating margin jumped nearly 300 basis points to 17%. Year-over-year performance was less impressive due in large part to comparatively subdued drilling activity throughout North America, with 160 fewer active rigs on average. We maintain our $50 fair value estimate and no-moat rating following the results.