# Helmerich & Payne, Inc. (HP)

> Source: Nexqual · https://nexqual.com/HP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Helmerich & Payne, Inc. (HP), nexqual.com/HP" · informational, not investment advice.

**Price:** USD 37.13 (-2.93% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 38.25 · day 35.78–38.46 · 52w 24.1–48.17 · market cap $3.71B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.00B, net income -$137M (-3.4% margin), free cash flow $315M (SEC filings).
- 2 of 80 tracked superinvestors hold HP (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $6.9M; 4 not under a Rule 10b5-1 plan ($6.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.47 on a 1–5 scale) (17 analysts), mean target USD 45.44 (range 32–51).
- Total return with dividends: 1Y +48.7% vs S&P 500 +14.9%; 5Y +32.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-18, EPS estimate USD 0.26, revenue estimate $1.08B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.22B | $2.06B | $2.87B | $2.76B | $3.75B | $4.00B |
| Operating income | -$429M | $45.3M | $568M | $457M | $3.3M | $89.9M |
| Net income | -$326M | $7.0M | $434M | $344M | -$164M | -$137M |
| EPS (diluted) | -$3.04 | $0.05 | $4.16 | $3.43 | -$1.66 | — |
| Free cash flow | $54.3M | -$17.0M | $438M | $190M | $117M | $315M |
| Operating margin | -35.2% | 2.2% | 19.8% | 16.6% | 0.1% | 2.3% |
| Net margin | -26.8% | 0.3% | 15.1% | 12.5% | -4.4% | -3.4% |
| Revenue growth | -31.3% | +69.0% | +39.5% | -4.0% | +35.9% | — |
| Cash + short-term investments | $1.10B | $349M | $351M | $510M | $218M | — |
| Total debt | $1.03B | $543M | $545M | $1.78B | $2.06B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.9x · EV/EBITDA 6.5x · EV/Sales 1.3x · P/FCF 11.8x · P/B 1.4x · FCF yield 8.50% · Earnings yield -3.69% · Dividend yield (paid, TTM) 2.73% · Net debt $1.63B · EV $5.34B
P/E at fiscal year-ends: Sep 2024 8.8x, Sep 2023 10.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold HP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Prem Watsa | Fairfax Financial Holdings | 1.46% | $38.5M | Unchanged |
| Tweedy Browne |  | 0.13% | $1.7M | Added +8.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | Lennox Michael | EVP, WESTERN HEMISPHERE LAND | 10,000 | $450K | 5.5% | Yes (adopted March 30, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-20 | Helmerich Hans | Director | 94,470 | $4.1M | 4.6% | No | Too little history (no open-market trades in 2024) |
| 2026-08-17 | Hair Cara M. | SVP, CORP. SERVICES & CLO | 11,149 | $494K | 7.6% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-14 | Momper Sara Marie | VP, CAO | 5,054 | $224K | 23% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10 | Lennox Michael | EVP, WESTERN HEMISPHERE LAND | 5,000 | $200K | 2.7% | Yes (adopted March 30, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-22 | Lennox Michael | EVP, WESTERN HEMISPHERE LAND | 5,000 | $175K | 2.6% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-18 | Hair Cara M. | SVP, CORP. SERVICES & CLO | 28,345 | $1.2M | 16.1% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.47 on a 1–5 scale), 17 analysts; mean target USD 45.44 (low 32, high 51).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | UBS | Target raised | Buy | $49 → $50 |
| 2026-10-12 | Barclays | Target raised | Overweight | $50 → $51 |
| 2026-10-05 | Susquehanna | Target raised | Positive | $44 → $50 |
| 2026-09-10 | RBC Capital | Target raised | Sector Perform | $44 → $49 |
| 2026-09-04 | Citigroup | Target raised | Neutral | $36 → $48 |
| 2026-08-20 | Morgan Stanley | Target raised | Underweight | $36 → $41 |
| 2026-08-10 | Barclays | Target raised | Overweight | $47 → $50 |
| 2026-08-07 | Susquehanna | Target raised | Positive | $40 → $44 |
| 2026-07-08 | Susquehanna | Target lowered | Positive | $43 → $40 |
| 2026-06-29 | Citigroup | Target lowered | Neutral | $38 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +48.7% | +32.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +48.9% | +5.8% |
| Volatility (annualized) | 42.7% | 50.4% |
| Max drawdown | -26.5% (May 2026→Jul 2026) | -68.2% (Nov 2022→May 2025) |

## Peers (Oil & Gas Drilling)
PTEN (Patterson-UTI Energy, Inc.) USD 11.34 -2.91% · SDRL (Seadrill Limited) USD 49.19 +0.04% · VAL (Valaris Limited) USD 92.19 +0.51% · RIG (Transocean Ltd (Switzerland)) USD 6.08 +0.66% · NE (Noble Corporation plc A) USD 43.95 -0.14% · BORR (Borr Drilling Limited) USD 4.08 -3.32%

## More
Full page: https://nexqual.com/HP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name HP in their own reports (relationship from HP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Tamboran Resources Corp (TBN) | 10-K 2026-09-25 | "Tamboran has brought in strategic partnerships (all equity holders) with Helmerich & Payne (NYSE: HP), Liberty Energy (NYSE: LBRT) and Baker Hughes to accelerate incorporation of lessons from the U.S.…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| North America Solutions | $562.6M | 54.4% | -5.0% | $140.3M | 24.9% |
| International Solutions | $249.9M | 24.1% | -5.7% | -$54.4M | -21.8% |
| Offshore Solutions | $174.4M | 16.9% | +7.8% | $16.8M | 9.6% |
| Total revenue | $1.03B | 100% | — | $188.2M | 18.2% |
The lines above cover 95.4% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $592.7M | 57.3% | -10.1% |
| Other foreign | $117.3M | 11.3% | +64.4% |
| Norway | $90.1M | 8.7% | +8.7% |
| Saudi Arabia | $74.3M | 7.2% | -28.4% |
| Oman | $65.6M | 6.3% | +45.5% |
| Argentina | $50.2M | 4.9% | +26.8% |
| Azerbaijan | $44.8M | 4.3% | +15.0% |
| Total revenue | $1.03B | 100% | — |

## Customer concentration

Period ended 2025-09-30: 12% of revenue from unnamed direct customers (10-K, filed 2025-11-21).

## Company outlook (8-K filed 2026-10-07)

- "(NYSE: HP) currently expects to report strong operational and segment financial results for the quarter, with direct margins (1) for its North America Solutions, International Solutions, and Offshore Solutions businesses all at or near the high-end of the previously issued guidance ranges for fiscal 4Q 2026."
- "(2) In terms of activity, North America Solutions average rig count is expected to be near the high-end of the previously issued fiscal 4Q 2026 guidance range, International Solutions average rig count is anticipated to be near the midpoint of the guidance range, and Offshore Solutions average rig count and management contracts are expected to come in near the midpoint of the guidance range."
- "All other financial guidance items included in the company's August 5, 2026, earnings release are unchanged."
- "Management Commentary "I am very proud of the performance of our teams during fiscal 2026, with strong performance through year end," said President and CEO Trey Adams. "We expect to report direct margins at or near the high end of our guidance range in our principal operating segments."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.26 | $0.27 | -3.2% | $1.08B | 11 |
| Next quarter (ends 2026-12-31) | $0.29 | $0.33 | -11.1% | $1.07B | 7 |
| Current fiscal year (ends 2026-09-30) | $-0.39 | $-0.06 | +577.2% | $4.06B | 11 |
| Next fiscal year (ends 2027-09-30) | $1.52 | $1.40 | +9.2% | $4.29B | 12 |