Lowering FVE for Helmerich & Payne on Reduced Outlook for Horizontal Rig Market Share Gains
We are lowering our fair value estimate for U.S. land driller Helmerich & Payne from $46 per share to $43. Chiefly, this is because of a lower estimate of the company's long-term share of U.S. horizontal rig demand, which a diminished assessment of the company's deferred tax liabilities slightly offsets.Thus far into the U.S. horizontal rig count recovery, H&P has slightly underperformed our share expectations. We attribute this primarily to a lower Tier 1 share of overall U.S. horizont...
Helmerich & Payne provides drilling services and technologies for oil and gas exploration and production companies. The company's contract drilling business segments are: United States Land, which operates in Colorado, Louisiana, Ohio, Oklahoma, Montana, New Mexico, North Dakota, Pennsylvania, Texas, Utah, West Virginia and Wyoming; Offshore, which operates in United States federal waters in the Gulf of Mexico; and International Land, which has rigs in Argentina, Bahrain, Colombia and United Arab Emirates. The company's drilling technology-based business segment, Helmerich & Payne Technologies, is focused on developing, promoting and commercializing technologies designed to improve the drilling operations.
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