Helmerich & Payne Holds Ground as Piper Sees 20% Upside Amid Rig Slowdown

Helmerich & Payne (NYSE:HP) is one of the best oil drilling stocks according to hedge funds, especially following a fresh validation from Wall Street. On July 15, Piper Sandler initiated Helmerich & Payne (NYSE:HP)’s coverage with a Neutral rating and set a $20 price target, implying about 20% upside from the ~$16 share price. That call comes amid a challenging land-drilling environment, with U.S. rig counts expected to drop from 522 to 500 and oil prices hovering below $70, yet Piper’s analyst believes H&P’s advanced rigs and automation tools position it well to weather the storm.

Despite the Neutral rating, the deck isn’t stacked against H&P. The firm just reported 47% year-over-year revenue growth last quarter, driven partly by its acquisition of KCAD and expansion overseas.

Helmerich & Payne Holds Ground as Piper Sees 20% Upside Amid Rig Slowdown

Helmerich & Payne, based in Tulsa, is a leading land drilling contractor with a fleet of automated FlexRigs. It services customers across North America, the Gulf, and select international markets, focusing on performance-driven drilling tech and operational reliability.

While we acknowledge the potential of HP to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HP and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None.