Helmerich & Payne, Inc.
- Open
- 41.60
- Day high
- 42.40
- Day low
- 41.58
- Prev close
- 42.49
- Volume
- 1.0M
- Mkt cap
- $4.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.6
- P/S
- 1.1
- Yield
- 2.38%
- Per share
- $1.00
- ▼Insiders net selling -$5.2M over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
Helmerich & Payne, Inc. (HP) is a Energy company listed on NYSE. The stock is up 122% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4). Drillr has 1 published research article covering HP.
Helmerich & Payne, Inc. (HP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.09 | $-0.11 | -216.1% | $1.0B | +2.9% |
| May 7, 2026 | $-0.06 | $-0.38 | -533.3% | $932M | -1.4% |
| Feb 4, 2026 | $0.12 | $-0.15 | -225.0% | $1.0B | +5.9% |
| Nov 17, 2025 | $0.23 | $-0.01 | -104.3% | $1.0B | +4.0% |
| Aug 6, 2025 | $0.20 | $0.22 | +10.0% | $1.0B | +7.4% |
| May 7, 2025 | $0.65 | $0.02 | -96.9% | $1.0B | +6.3% |
| Feb 5, 2025 | $0.69 | $0.71 | +2.9% | $677M | -2.2% |
| Nov 13, 2024 | $0.81 | $0.76 | -6.2% | $694M | -0.3% |
| Jul 24, 2024 | $0.77 | $0.92 | +19.5% | $698M | +2.4% |
| Jan 29, 2024 | $0.72 | $0.97 | +34.7% | $677M | +1.6% |
| Jul 26, 2023 | $0.91 | $1.09 | +19.8% | $724M | +7.9% |
| Jan 30, 2023 | $0.80 | $1.11 | +38.8% | $720M | +3.0% |
HP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 24, 2026 | HELMERICH HANSdirector | Sell | 4,470 | $43.90 |
| Aug 24, 2026 | HELMERICH HANSdirector | Sell | 65,000 | $43.90 |
| Aug 24, 2026 | HELMERICH HANSdirector | Sell | 25,000 | $43.90 |
| Aug 18, 2026 | Momper Sara Marieofficer: VP, CAO | Sell | 5,054 | $44.28 |
| Aug 18, 2026 | Hair Cara M.officer: SVP, CORP. SERVICES & CLO | Sell | 11,149 | $44.27 |
| Aug 12, 2026 | Lennox Michaelofficer: EVP, WESTERN HEMISPHERE LAND | Sell | 5,000 | $40.00 |
| Aug 3, 2026 | Scruggs Todd N.officer: SVP, CFO | Tax | 2,150 | $34.57 |
| Jul 24, 2026 | Lennox Michaelofficer: EVP, WESTERN HEMISPHERE LAND | Sell | 5,000 | $35.00 |
| Jun 5, 2026 | Momper Sara Marieofficer: VP, CAO | Tax | 440 | $39.60 |
| May 19, 2026 | Hair Cara M.officer: SVP, CORP. SERVICES & CLO | Sell | 28,345 | $41.45 |
| Mar 23, 2026 | Hair Cara M.officer: SVP, CORP. SERVICES & CLO | Sell | 58,771 | $36.62 |
| Mar 6, 2026 | ZEGLIS JOHN Ddirector | Grant | 5,273 | — |
| Mar 6, 2026 | MAS JOSE RAMONdirector | Grant | 5,273 | — |
| Mar 6, 2026 | Cramton Kevin G.director | Grant | 5,273 | — |
| Mar 6, 2026 | Killinger Elizabeth Rdirector | Grant | 5,273 | — |
Source: HP SEC Form 4 filings, latest Aug 24, 2026. For informational purposes only — not investment advice.
See the full HP insider & 13F page →Helmerich & Payne, Inc. company profile
Overview
Helmerich & Payne, Inc. (NYSE:HP) is a century-old drilling services company founded in 1920 and headquartered in Tulsa, Oklahoma. The company has evolved from its early oil and gas roots to become one of the leading land drilling contractors in North America, with expanding international operations. Following its 2024 acquisition of KCA Deutag, Helmerich & Payne has significantly expanded its global footprint and established itself as a major player in the international drilling market. The company operates one of the most technologically advanced drilling fleets in the industry, with a focus on performance-based contracts and operational efficiency.
Business
Helmerich & Payne operates in the oil and gas drilling services industry, providing contract drilling services to exploration and production companies that need wells drilled to extract oil and natural gas from underground reservoirs. The company does not own oil and gas reserves itself; instead, it provides the specialized equipment, technology, and expertise needed to drill wells for energy companies. The company operates through three main business segments: North America Solutions represents the largest portion of the business, generating approximately 85-90% of total revenues. This segment operates primarily land-based drilling rigs across major oil and gas producing regions including Texas, Oklahoma, North Dakota, Colorado, Pennsylvania, and other key basins. The segment focuses on "super-spec" rigs - highly advanced drilling equipment capable of drilling the complex horizontal wells required for modern unconventional oil and gas extraction, particularly in shale formations. These rigs feature advanced automation, safety systems, and drilling optimization technologies. International Solutions has grown significantly following the KCA Deutag acquisition and now represents roughly 10-15% of revenues. This segment operates drilling rigs in countries including Saudi Arabia, Argentina, Bahrain, Colombia, and the United Arab Emirates. The international operations focus on both conventional and unconventional drilling projects, with particular emphasis on expanding in the Middle East market. Offshore Gulf of Mexico Solutions is the smallest segment, contributing approximately 2-5% of revenues. This segment operates platform rigs that drill wells from fixed offshore platforms in the Gulf of Mexico. The business has relatively low capital intensity compared to the land-based operations. The company also maintains a small real estate portfolio in Tulsa, Oklahoma, including commercial properties, though this represents a minimal portion of overall business operations.
Revenue model
Helmerich & Payne generates revenue primarily through day-rate contracts with oil and gas exploration and production companies. Customers pay a daily rate for each drilling rig under contract, typically ranging from $25,000 to $40,000+ per day depending on the rig's capabilities, market conditions, and contract terms. The company's revenue model includes both the basic day rate and additional charges for specialized services and technologies. A significant differentiator is the company's performance-based contracts, which now cover approximately 50-60% of the North American fleet. These contracts provide premium pricing (typically $1,000-$2,000 additional per day) in exchange for meeting specific performance metrics such as drilling efficiency, well placement accuracy, and safety targets. This model aligns Helmerich & Payne's interests with those of its customers by rewarding superior operational performance. The company's profitability is influenced by several key factors. Commodity price cycles represent the most significant external driver, as oil and gas prices directly impact customer drilling activity and willingness to pay premium rates. Higher oil prices generally lead to increased drilling demand and better pricing power, while lower prices can result in reduced activity and pricing pressure. Rig utilization rates are critical, as the company maintains a large fleet of expensive equipment that generates revenue only when contracted. The North American super-spec rig market has maintained utilization above 80% in recent years, supporting strong pricing. Operational efficiency and technology deployment provide competitive advantages that support margin expansion. The company's investments in drilling automation, data analytics, and performance optimization technologies enable faster drilling times and better well outcomes, justifying premium pricing. Labor costs and supply chain inflation represent headwinds to margins, as skilled drilling personnel command high wages and equipment costs have increased significantly. The company's scale and long-term supplier relationships help mitigate some of these pressures. Competition intensity varies by market, with the North American super-spec market being relatively consolidated among a few major players, while international markets often involve more competitive bidding processes that can pressure margins.
Competitive moat
Helmerich & Payne possesses a moderate but meaningful competitive moat built on several key advantages, though the drilling services industry is inherently cyclical and competitive. The company's primary moat stems from its fleet of advanced super-spec drilling rigs, which represent significant capital investments ($15-25 million per rig) and take considerable time to build or upgrade. The company operates one of the newest and most technologically advanced fleets in North America, with capabilities that many competitors cannot match. These rigs can drill the complex horizontal wells required for modern unconventional resource extraction, and the high replacement costs create barriers to new competition. Technological differentiation provides another layer of competitive advantage. The company has invested heavily in proprietary drilling optimization technologies, automation systems, and data analytics capabilities that improve drilling efficiency and well outcomes. These technologies are difficult to replicate and create switching costs for customers who become accustomed to the performance benefits. Operational scale and expertise contribute to the moat through economies of scale in equipment procurement, maintenance, and personnel training. The company's size allows it to maintain comprehensive support infrastructure and attract top talent, while its century-long operating history provides deep technical expertise that newer entrants lack. However, the moat faces several limitations. The drilling services industry is fundamentally cyclical, with demand closely tied to volatile commodity prices that the company cannot control. During downturns, even the most advanced rigs may sit idle, and pricing power can evaporate quickly. Customer concentration in certain basins or with major operators can create vulnerability if those customers reduce activity. Technological disruption represents a long-term threat, as new drilling techniques, alternative energy adoption, or breakthrough technologies could potentially reduce demand for traditional drilling services. Additionally, well-capitalized competitors can invest in similar advanced equipment, gradually eroding technological advantages over time. The international expansion following the KCA Deutag acquisition has broadened the company's geographic diversification, potentially strengthening the moat by reducing dependence on North American market cycles, though it also introduces new operational complexities and political risks.
Risks & safety
The company presents a moderate margin of safety with solid financial fundamentals but exposure to cyclical industry risks. **Liquidity and Solvency:** - Strong cash position of $175 million as of Q2 2025 - Current ratio of 1.68x indicates adequate short-term liquidity - Debt-to-equity ratio of only 0.002x shows minimal leverage - Positive operating cash flow of $56 million in Q2 2025, though free cash flow was negative at -$103 million due to capital expenditures **Debt and Financial Flexibility:** - Very low debt levels provide significant financial flexibility - Management maintains investment-grade credit rating aspirations - No immediate solvency concerns given strong balance sheet **Valuation Metrics:** - EV/EBITDA of 2.63x appears attractive for the industry - Price-to-book ratio of 0.85x suggests trading below book value - Graham number of 3.39 indicates potential undervaluation using conservative metrics **Other Considerations:** - Cyclical industry exposure creates earnings volatility risk - Capital intensive business requires ongoing investment to maintain competitive position - Recent KCA Deutag acquisition integration adds execution risk but also diversification benefits
Recent development
Helmerich & Payne has undergone significant strategic transformation over the past few years, with the most notable development being the acquisition of KCA Deutag completed in early 2025. This transformational deal significantly expanded the company's international presence, adding operations across multiple countries and establishing Helmerich & Payne as a global drilling leader rather than primarily a North American focused company. The company has pursued an aggressive international expansion strategy, moving beyond its traditional North American base. Key developments include deploying FlexRigs to Saudi Arabia for unconventional gas drilling projects, establishing operations in Argentina, Bahrain, Colombia, and the UAE, and securing contracts with major international operators including Saudi Aramco. However, this expansion has faced challenges, including rig suspensions in Saudi operations and integration complexities from the KCA Deutag acquisition. Technology and performance-based contracting have become central to the company's value proposition. Approximately 50-60% of the North American fleet now operates under performance-based contracts that provide premium pricing in exchange for meeting drilling efficiency and safety metrics. The company has invested heavily in drilling automation, data analytics, and optimization technologies that differentiate its services and justify premium pricing. The company has also focused on operational efficiency and cost management, targeting $50-75 million in cost savings for 2026 through integration synergies and operational improvements. Management has emphasized maintaining pricing discipline rather than competing solely on market share, focusing on returns above the cost of capital. Capital allocation priorities have shifted toward debt reduction and international growth investments, with the company suspending its supplemental dividend to support these objectives. The company has maintained its commitment to returning cash to shareholders while balancing growth investments and debt management following the KCA Deutag acquisition.
HP company profile · for informational purposes only — not investment advice.
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