Why Is Drilling Rig Operator Helmerich & Payne Stock Seeing Blue Skies Today?
Portfolio Pulse from Lekha Gupta
Helmerich & Payne Inc (NYSE:HP) stock surged after reporting Q1 FY24 earnings that exceeded expectations. Revenue was $677.1 million, surpassing the $662.2 million consensus, and adjusted EPS was $0.97, beating the $0.72 consensus. The company saw increased operating income, operating cash flow, and higher revenue per day in its North America Solutions segment. HP returned $90 million to shareholders through dividends and share repurchases. The company expects modest rig count growth in fiscal 2024 due to lower projected U.S. crude oil production growth and commodity price volatility. HP shares rose 16.42% to $42.19.
January 30, 2024 | 5:10 pm
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Helmerich & Payne reported strong Q1 FY24 results with revenue and EPS exceeding consensus estimates, leading to a significant stock price increase of 16.42%.
The positive earnings report, which included revenue and EPS beats, as well as strong segment performance and shareholder returns, is likely to instill investor confidence and could sustain the stock's upward momentum in the short term.
CONFIDENCE 90
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RELEVANCE 100