Helmerich & Payne Inc

HP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$46.00	Ysrm	Mfjtzwvgp

Helmerich & Payne Earnings: Fleet Diversification to Non-North American Markets Is Underway

Katherine Olexa

Jan 31, 2024

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.

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