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Helmerich & Payne (HP)

Market Price (3/14/2026): $35.67 | Market Cap: $3.6 Bil
Sector: Energy | Industry: Oil & Gas Drilling

Helmerich & Payne (HP)

Market Price (3/14/2026): $35.67
Market Cap: $3.6 Bil
Sector: Energy
Industry: Oil & Gas Drilling

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48%		 Trading close to highs
Dist 52W High is -1.3%		 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%		 Weak multi-year price returns
2Y Excs Rtn is -33%, 3Y Excs Rtn is -74%		 
2 Attractive yield
FCF Yield is 5.1%		  
3 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Automation & Robotics. Themes include US Oilfield Technologies, and Advanced Drilling Automation. 		  
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%
2 Attractive yield
FCF Yield is 5.1%
3 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Automation & Robotics. Themes include US Oilfield Technologies, and Advanced Drilling Automation.
4 Trading close to highs
Dist 52W High is -1.3%
5 Weak multi-year price returns
2Y Excs Rtn is -33%, 3Y Excs Rtn is -74%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Helmerich & Payne (HP) stock has gained about 30% since 11/30/2025 because of the following key factors:

1. Robust Revenue Performance and Strong Adjusted EBITDA: Helmerich & Payne reported fiscal first-quarter 2026 operating revenues of $1.0 billion, surpassing consensus estimates and marking the third consecutive quarter exceeding the billion-dollar threshold. Additionally, the company's adjusted EBITDA of $230 million exceeded expectations, indicating strong underlying operational performance despite a reported net loss of $(97) million, or $(0.98) per share, which included a $103 million non-cash impairment charge.

2. Significant Analyst Upgrades and Increased Price Targets: Multiple financial analysts revised their ratings and substantially raised price targets for Helmerich & Payne during the period. Notably, Piper Sandler upgraded the stock to Overweight and increased its price target from $21.00 to $35.00 (a 66.67% increase) on December 18, 2025. Barclays also maintained an Overweight rating and raised its price target from $29.00 to $36.00 (a 24.14% increase) on December 17, 2025.

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Stock Movement Drivers

Fundamental Drivers

The 28.8% change in HP stock from 11/30/2025 to 3/13/2026 was primarily driven by a 18.2% change in the company's P/S Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)27.6935.6528.8%
Change Contribution By: 
Total Revenues ($ Mil)3,7464,0869.1%
P/S Multiple0.70.918.2%
Shares Outstanding (Mil)99100-0.1%
Cumulative Contribution28.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
HP28.8% 
Market (SPY)-3.1%33.0%
Sector (XLE)27.6%62.3%

Fundamental Drivers

The 73.5% change in HP stock from 8/31/2025 to 3/13/2026 was primarily driven by a 45.8% change in the company's P/S Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)20.5435.6573.5%
Change Contribution By: 
Total Revenues ($ Mil)3,4284,08619.2%
P/S Multiple0.60.945.8%
Shares Outstanding (Mil)99100-0.1%
Cumulative Contribution73.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
HP73.5% 
Market (SPY)3.0%36.8%
Sector (XLE)28.8%61.0%

Fundamental Drivers

The 40.5% change in HP stock from 2/28/2025 to 3/13/2026 was primarily driven by a 48.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820253132026Change
Stock Price ($)25.3735.6540.5%
Change Contribution By: 
Total Revenues ($ Mil)2,7574,08648.2%
P/S Multiple0.90.9-4.5%
Shares Outstanding (Mil)99100-0.7%
Cumulative Contribution40.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
HP40.5% 
Market (SPY)12.4%56.6%
Sector (XLE)29.9%75.8%

Fundamental Drivers

The -3.2% change in HP stock from 2/28/2023 to 3/13/2026 was primarily driven by a -46.9% change in the company's P/S Multiple.
(LTM values as of)22820233132026Change
Stock Price ($)36.8235.65-3.2%
Change Contribution By: 
Total Revenues ($ Mil)2,3694,08672.5%
P/S Multiple1.60.9-46.9%
Shares Outstanding (Mil)1051005.7%
Cumulative Contribution-3.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
HP-3.2% 
Market (SPY)73.4%42.3%
Sector (XLE)51.3%73.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HP Return6%115%-23%-8%-6%22%85%
Peers Return54%89%-16%-21%0%57%204%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
HP Win Rate58%67%25%42%50%67% 
Peers Win Rate52%55%33%43%58%93% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
HP Max Drawdown-5%0%-37%-15%-52%0% 
Peers Max Drawdown-6%0%-32%-30%-41%-0% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: PTEN, NBR, PDS, NE, VAL. See HP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventHPS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-42.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven74.2%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-72.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven268.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven755 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-55.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven123.1%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-76.5%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven325.4%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,789 days1,480 days

Compare to PTEN, NBR, PDS, NE, VAL

In The Past

Helmerich & Payne's stock fell -42.6% during the 2022 Inflation Shock from a high on 11/22/2022. A -42.6% loss requires a 74.2% gain to breakeven.

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Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Helmerich & Payne (HP)

Helmerich & Payne, Inc., together with its subsidiaries, provides drilling services and solutions for exploration and production companies. The company operates through three segments: North America Solutions, Offshore Gulf of Mexico, and International Solutions. The North America Solutions segment drills primarily in Colorado, Louisiana, Montana, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, West Virginia, and Wyoming. It also focuses on developing, promoting, and commercializing technologies designed to enhance the drilling operations, as well as wellbore quality and placement. The Offshore Gulf of Mexico segment has drilling operations in Louisiana and in U.S. federal waters in the Gulf of Mexico. The International Solutions segment conducts drilling operations in Argentina, Bahrain, Colombia, and the United Arab Emirates. As of September 30, 2021, the company operated a fleet of 236 land rigs in North America; 30 international land rigs; and 7 offshore platform rigs. It also owns, develops, and operates commercial real estate properties. The company's real estate investments include a shopping center comprising approximately 390,000 leasable square feet; and approximately 176 acres of undeveloped real estate located in Tulsa, Oklahoma. Helmerich & Payne, Inc. was founded in 1920 and is headquartered in Tulsa, Oklahoma.

AI Analysis | Feedback

Here are 1-3 brief analogies for Helmerich & Payne:

  • Caterpillar for oil drilling. (Like Caterpillar provides heavy equipment and services for construction and mining, HP provides specialized drilling rigs and services for oil and gas extraction.)

  • United Rentals for oil rigs. (Similar to how United Rentals provides a wide range of industrial equipment for rent and service, HP provides and operates highly specialized drilling rigs for energy companies.)

  • John Deere for oilfield machinery. (Just as John Deere manufactures and services specialized machinery for agriculture, HP provides and services specialized drilling machinery for the oil and gas industry.)

AI Analysis | Feedback

  • Drilling Services: Provides advanced drilling services to exploration and production companies across North America, the Gulf of Mexico, and international locations utilizing a fleet of land and offshore rigs.
  • Drilling Technology Solutions: Develops and commercializes proprietary technologies designed to enhance the efficiency, quality, and precision of drilling operations.
  • Commercial Real Estate Operations: Owns, develops, and manages commercial real estate properties, including a shopping center and undeveloped land in Tulsa, Oklahoma.

AI Analysis | Feedback

Helmerich & Payne (HP) provides drilling services and solutions primarily to exploration and production companies.

The provided background information does not list the specific names of these customer companies.

AI Analysis | Feedback

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AI Analysis | Feedback

The global shift towards renewable energy sources and the associated long-term decline in demand for fossil fuels pose an emerging threat to Helmerich & Payne's core drilling services business. As exploration and production companies face increasing pressure and incentives to reduce carbon footprints and transition to sustainable energy, the demand for new oil and gas drilling could steadily decrease.

The continued rise of e-commerce represents an emerging threat to the value and viability of Helmerich & Payne's commercial real estate investments, particularly the shopping center. The shift in consumer behavior from brick-and-mortar retail to online shopping can reduce foot traffic, occupancy rates, and rental income for traditional retail properties.

AI Analysis | Feedback

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Better Bets vs. Helmerich & Payne (HP)

Latest Trefis Analyses

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TPL_12262025_Dip_Buyer_ValueBuy12262025TPLTexas Pacific LandDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		82.3%82.3%-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025NOVNOVInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		23.6%23.6%-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025RIGTransoceanInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		56.9%56.9%-7.0%
WHD_11212025_Dip_Buyer_ValueBuy11212025WHDCactusDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		31.6%31.6%0.0%
OVV_10172025_Dip_Buyer_FCFYield10172025OVVOvintivDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		41.7%41.7%0.0%
HP_2282025_Insider_Buying_GTE_1Mil_EBITp+DE_V202282025HPHelmerich & PayneInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-19.0%38.8%-42.0%

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Peer Comparisons

Peers to compare with:

Financials

HPPTENNBRPDSNEVALMedian
NameHelmeric.Patterso.Nabors I.Precisio.Noble Valaris  
Mkt Price35.6510.2976.5992.4246.3093.7461.45
Mkt Cap3.53.91.11.27.46.53.7
Rev LTM4,0864,8273,1851,8333,2862,3693,235
Op Inc LTM183-40263172515496223
FCF LTM180372-23209432203206
FCF 3Y Avg25742029249226-109237
CFO LTM567961693450952546630
CFO 3Y Avg6861,048638476727390662

Growth & Margins

HPPTENNBRPDSNEVALMedian
NameHelmeric.Patterso.Nabors I.Precisio.Noble Valaris  
Rev Chg LTM48.2%-10.3%8.7%-5.5%7.4%0.3%3.9%
Rev Chg 3Y Avg21.7%25.4%6.5%11.0%36.2%14.7%18.2%
Rev Chg Q50.2%-1.0%9.3%-3.1%-17.6%-8.0%-2.0%
QoQ Delta Rev Chg LTM9.1%-0.2%2.2%-0.8%-4.7%-1.9%-0.5%
Op Mgn LTM4.5%-0.8%8.3%9.4%15.7%20.9%8.8%
Op Mgn 3Y Avg12.7%3.5%8.6%11.7%20.7%12.9%12.2%
QoQ Delta Op Mgn LTM-1.7%0.6%-0.2%-1.5%-2.8%-1.7%-1.6%
CFO/Rev LTM13.9%19.9%21.8%24.5%29.0%23.1%22.4%
CFO/Rev 3Y Avg22.4%22.0%20.9%25.0%24.2%17.7%22.2%
FCF/Rev LTM4.4%7.7%-0.7%11.4%13.2%8.6%8.1%
FCF/Rev 3Y Avg8.5%8.8%1.0%13.0%7.4%-6.6%7.9%

Valuation

HPPTENNBRPDSNEVALMedian
NameHelmeric.Patterso.Nabors I.Precisio.Noble Valaris  
Mkt Cap3.53.91.11.27.46.53.7
P/S0.90.80.30.72.22.80.8
P/EBIT-28.8-120.11.46.816.910.04.1
P/E-11.3-41.73.820.833.96.65.2
P/CFO6.34.11.62.77.712.05.2
Total Yield-8.9%-0.8%26.5%4.8%5.1%15.0%5.0%
Dividend Yield0.0%1.6%0.0%0.0%2.2%0.0%0.0%
FCF Yield 3Y Avg7.8%13.4%4.2%29.9%4.6%-2.0%6.2%
D/E0.60.32.30.60.30.20.5
Net D/E0.50.21.40.60.20.10.4

Returns

HPPTENNBRPDSNEVALMedian
NameHelmeric.Patterso.Nabors I.Precisio.Noble Valaris  
1M Rtn4.7%21.5%8.1%2.8%6.2%6.0%6.1%
3M Rtn22.1%67.7%40.2%34.7%57.5%73.2%48.8%
6M Rtn72.0%90.6%80.8%60.6%56.9%80.2%76.1%
12M Rtn50.0%42.7%95.2%113.1%119.5%158.2%104.2%
3Y Rtn8.5%-9.1%-38.2%82.4%35.1%42.5%21.8%
1M Excs Rtn7.1%23.9%10.4%5.1%8.6%8.4%8.5%
3M Excs Rtn19.6%62.8%35.8%31.9%50.0%64.2%42.9%
6M Excs Rtn70.6%87.0%77.4%59.6%52.8%74.6%72.6%
12M Excs Rtn26.3%17.5%69.8%86.8%93.1%132.9%78.3%
3Y Excs Rtn-74.4%-89.6%-117.1%-9.4%-43.8%-38.2%-59.1%

Comparison Analyses

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
North America Solutions3,2253,3203,4073,4193,813
Investments and corporate operations1,6404274161,166720
International Solutions686407331270181
Other1581541209522
Offshore Solutions7373818594
Total5,7824,3824,3565,0344,830


Price Behavior

Price Behavior
Market Price$35.65 
Market Cap ($ Bil)3.5 
First Trading Date10/15/1980 
Distance from 52W High-1.3% 
   50 Days200 Days
DMA Price$33.34$24.21
DMA Trendupup
Distance from DMA6.9%47.2%
 3M1YR
Volatility37.9%53.1%
Downside Capture-9.59123.50
Upside Capture118.17141.01
Correlation (SPY)34.9%57.9%
HP Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta1.311.141.151.301.571.25
Up Beta1.271.401.191.191.241.13
Down Beta3.502.231.761.782.371.97
Up Capture127%157%173%214%174%62%
Bmk +ve Days9203170142431
Stock +ve Days13233369126373
Down Capture7%-47%10%49%115%102%
Bmk -ve Days12213054109320
Stock -ve Days8172754124376

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HP
HP47.6%53.0%0.92-
Sector ETF (XLE)34.9%24.9%1.1575.9%
Equity (SPY)19.6%18.9%0.8157.2%
Gold (GLD)71.9%26.3%2.059.5%
Commodities (DBC)19.3%17.3%0.8949.9%
Real Estate (VNQ)6.2%16.3%0.1943.4%
Bitcoin (BTCUSD)-15.0%44.2%-0.2424.2%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HP
HP5.6%49.0%0.29-
Sector ETF (XLE)21.1%26.2%0.7374.9%
Equity (SPY)13.1%17.0%0.6140.2%
Gold (GLD)24.1%17.3%1.1413.1%
Commodities (DBC)11.2%19.0%0.4752.9%
Real Estate (VNQ)4.8%18.8%0.1629.2%
Bitcoin (BTCUSD)6.4%56.7%0.3317.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HP
HP-0.7%51.2%0.19-
Sector ETF (XLE)10.9%29.5%0.4178.0%
Equity (SPY)14.5%17.9%0.7049.4%
Gold (GLD)14.4%15.6%0.779.1%
Commodities (DBC)8.6%17.6%0.4053.8%
Real Estate (VNQ)5.6%20.7%0.2338.0%
Bitcoin (BTCUSD)67.5%66.8%1.0713.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity7.7 Mil
Short Interest: % Change Since 2152026-5.4%
Average Daily Volume1.5 Mil
Days-to-Cover Short Interest5.1 days
Basic Shares Quantity99.5 Mil
Short % of Basic Shares7.7%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/4/2026-5.2%-5.7%-5.7%
11/17/2025-2.9%-2.2%1.2%
8/6/20253.2%15.9%32.2%
5/7/2025-3.5%-1.2%-10.7%
2/5/2025-16.5%-18.8%-22.2%
11/13/2024-6.2%-6.1%-6.5%
7/24/20248.8%7.1%-13.1%
4/24/2024-4.7%-9.9%-11.6%
...
SUMMARY STATS   
# Positive71011
# Negative171413
Median Positive8.8%6.0%16.5%
Median Negative-3.9%-7.6%-11.6%
Max Positive12.0%18.3%33.5%
Max Negative-16.5%-18.8%-24.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/05/202610-Q
09/30/202511/21/202510-K
06/30/202508/11/202510-Q
03/31/202505/09/202510-Q
12/31/202402/05/202510-Q
09/30/202411/13/202410-K
06/30/202407/25/202410-Q
03/31/202404/24/202410-Q
12/31/202301/29/202410-Q
09/30/202311/08/202310-K
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202201/30/202310-Q
09/30/202211/17/202210-K
06/30/202207/27/202210-Q
03/31/202204/27/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Helmerich, HansReporting Person's TrustSell1222202528.1025,000702,50013,958,254Form
2Helmerich, HansFamily TrustSell1222202528.1350,0001,406,50034,203,689Form
3Momper, Sara MarieVP, CAODirectSell1204202530.236,681201,967460,312Form
4Momper, Sara MarieVP, CAODirectSell819202517.836,700119,461390,620Form

Industry Resources

External Quote Links


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