Maintaining Helmerich & Payne's FVE After Reviewing Fourth-Quarter Results; Shares Highly Overvalued
Helmerich & Payne reported fourth-quarter results roughly in line with our expectations. The company’s average U.S. land rig count for the quarter of 200 was right on target. Bottom-line performance--with the company finally reporting an operating profit since emerging from the downturn--slightly beat our expectations owing to both higher U.S. land rig day rates as well as lower than expected daily rig operating costs, with the latter being driven by one-time factors. Our fair value estimate...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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