Helmerich & Payne (HP) Benefitted from Higher Oil Prices

Harding Loevner, an asset management company, released its “Global Small Companies Equity Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. Global small caps fell sharply in the third quarter. Japan was the weakest region, although returns in healthcare were good and industrials detracted. The strategy returned -5.36% (net) compared to a -3.29% decline for the MSCI All Country World Small Cap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Harding Loevner Global Small Companies Equity Strategy highlighted stocks like Helmerich & Payne, Inc. (NYSE:HP) in the third quarter 2023 investor letter. Headquartered in Tulsa, Oklahoma, Helmerich & Payne, Inc. (NYSE:HP) provides drilling services and solutions for exploration and production companies. On December 19, 2023, Helmerich & Payne, Inc. (NYSE:HP) stock closed at $37.79 per share. One-month return of Helmerich & Payne, Inc. (NYSE:HP) was 0.69%, and its shares lost 21.35% of their value over the last 52 weeks. Helmerich & Payne, Inc. (NYSE:HP) has a market capitalization of $3.757 billion.

Harding Loevner Global Small Companies Equity Strategy made the following comment about Helmerich & Payne, Inc. (NYSE:HP) in its Q3 2023 investor letter:

“Only Consumer Staples, Financials, and Energy ended with positive returns, with Energy stocks the clear standouts. Oil prices jumped, reaching as much as US$95 a barrel, up from about US$75 on June 30, on the back of Saudi Arabian production cuts. By region, Japan was the weakest, more than offsetting good stock selection in the US. US onshore contract driller Helmerich & Payne, Inc. (NYSE:HP) benefitted from higher oil prices, which caused management to issue a positive outlook for future activity.”

An offshore drilling rig in the Gulf of Mexico surrounded by a sea of blue.

Helmerich & Payne, Inc. (NYSE:HP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Helmerich & Payne, Inc. (NYSE:HP) at the end of third quarter which was 30 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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 Disclosure: None. This article is originally published at Insider Monkey.