Why You Should Buy Now and Hold This #1 (Strong Buy) Oils and Energy Stock
Whether you're a growth, value, income, or momentum-focused investor, building a successful investment portfolio takes skill, research, and a little bit of luck.
Should You Buy #1 (Strong Buy)-Ranked Helmerich & Payne (HP) for Your Portfolio?
Helmerich & Payne was upgraded to the Zacks Rank #1 list on October 21, 2022. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Incorporated in 1940, Helmerich & Payne Inc. is engaged in the contract drilling of oil and gas wells in the U.S. and internationally. The company supplies drilling rigs, equipment, personnel, and camps on a contractual basis to explore for and develop oil and gas from onshore areas and from fixed platforms, tension-leg platforms, and spars in offshore areas. The technologically advanced FlexRigs rigs, multi-pad drilling, hydraulic fracturing coupled with horizontal drilling, have greatly increased drilling efficiencies of the firm. Helmerich & Payne divides its operations into three business segments: North America Solutions, International Solutions and Offshore Gulf of Mexico.
Eight analysts revised their earnings estimate upwards in the last 60 days for fiscal 2023. The Zacks Consensus Estimate has increased $0.74 to $4.46 per share. HP boasts an average earnings surprise of 124.2%.
Earnings are forecasted to see growth of 4360% for the current fiscal year, and sales are expected to increase 45.4%.
HP has been moving higher over the past four weeks as well, up 0.9% compared to the S&P 500's loss of 4.6%.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Helmerich & Payne could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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