Helmerich & Payne (HP) Could Be 18% Undervalued As Earnings Beat Hopes Build

Analysts have turned more optimistic on Helmerich & Payne (HP) ahead of its September 2026 quarter results, pointing to a higher Most Accurate Estimate and a positive Earnings ESP as potential indicators of an earnings beat.

Recent trading reflects that optimism. Helmerich & Payne’s share price has climbed 22.31% year to date to US$36.62, even after a pullback of 5.42% over the past month and a 14.98% decline over 90 days, while the 1 year total shareholder return of 41.57% indicates momentum building over a longer horizon.

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Bulls point to Helmerich & Payne’s earnings optimism and analyst upside, while bears focus on recent share price weakness and a reported net loss. Which side does the current valuation lean toward?

Most Popular Narrative: 18% Undervalued

At a last close of $36.62, the analyst consensus Narrative on Simply Wall St anchors Helmerich & Payne’s fair value at $44.75, framing the stock as trading at a meaningful discount and tying that gap to specific earnings and cash flow expectations.

The main thing that has to go right is that Helmerich & Payne continues to convert its technology and global rig deployments, including in Vaca Muerta, the Middle East and offshore, into consistent direct margins and free cash flow while managing cost and conflict risks.

See why 21 investors see Helmerich & Payne as 18% undervalued.

Result: Fair Value of $44.75 (UNDERVALUED)

Still, the Helmerich & Payne story can break if rig overcapacity pressures dayrates, or if conflict related disruptions in key Middle East contracts drag on earnings.

Find out about the key risks to this Helmerich & Payne narrative.

Next Steps

Sentiment on Helmerich & Payne is clearly split, with both risks and rewards on the table. Move quickly and review the underlying data yourself, then weigh the 4 key rewards and 3 important warning signs.

Looking for more investment ideas beyond Helmerich & Payne?

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