It has been about a month since the last earnings report for Helmerich & Payne (HP Quick QuoteHP - Free Report) . Shares have added about 21.5% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Helmerich & Payne due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Helmerich & Payne Q3 Earnings Miss Estimates, Revenues Beat

Helmerich & Payne reported a third-quarter fiscal 2026 adjusted net loss of 11 cents per share, in sharp contrast with the Zacks Consensus Estimate of adjusted net income of 11 cents. Moreover, the bottom line decreased considerably from the year-ago quarter’s reported profit of 22 cents. This was primarily due to an adjustment made for a gain of $115 million related to the sale of Utica Square and lower-than-expected performance of the company's North America Solutions segment.

Operating revenues of $1 billion beat the Zacks Consensus Estimate of $988 million. Sales from Drilling Services beat the consensus mark by 4.4%. However, the figure decreased by $6 million from the year-ago quarter’s level. This was primarily caused by lower year-over-year revenues from the North America Solutions and International Solutions segments.

The company distributed approximately $25 million to its shareholders as part of its ongoing dividend program.

Q3 Segmental Performance

North America Solutions: Operating revenues of $562.9 million were down 5% year over year, with 142 average active rigs. The top line beat our model projection of $546.1 million.

Operating profit totaled $140.3 million compared with $157.6 million in the prior-year period. The reported figure also beat our model estimate of $113.1 million.

International Solutions: Operating revenues of $250.1 million decreased 5.9% from the year-ago quarter’s level of $265.8 million. However, the top line beat our projection of $234.9 million.

Operating loss reached $54.4 million, compared with the prior-year period loss of $166.5 million. The figure was below our projected loss of $93 million.

Offshore Solutions: Revenues of $174.4 million increased 7.8% from the year-ago quarter’s level of $161.8 million. The top line beat our projection of $157.5 million.

Operating profit totaled $16.8 million compared with $8.8 million in the year-ago quarter.  The figure beat our estimate of $11 million.

Financial Position

As of June 30, 2026, the company spent $200.2 million on capital programs. HP had $204.4 million in cash and cash equivalents, while the long-term debt totaled $1.9 billion (debt-to-capitalization of 41%).

Guidance for Q4 & FY26

Helmerich & Payne’s fourth-quarter fiscal 2026 outlook points to continued strength in North America, more variable international performance and stable offshore operations. For North America Solutions, the company expects direct margin of $245 million to $255 million, with an average of 145 to 151 active rigs, compared with a fiscal-year average rig range of 140 to 144. International Solutions is expected to generate direct margin of $25 million to $45 million on 60 to 70 average rigs, compared with a fiscal-year average rig range of 60 to 66. Offshore Solutions is projected to deliver direct margin of $26 million to $30 million in the fiscal fourth quarter, while full-year direct margin is expected at $113 million to $117 million, supported by 30 to 35 average rigs/management contracts. The “Other” segment is expected to contribute up to $5 million of direct margin.

For the full fiscal 2026, HP expects gross capital expenditures of $270 million to $310 million, depreciation of approximately $700 million, research and development expense of about $28 million, Selling, general & administrative expenses of $265 million to $285 million, cash taxes of $150 million to $180 million, and interest expense of roughly $100 million. Overall, the outlook implies a relatively constructive finish to fiscal 2026, led by higher North American activity and margins.

How Have Estimates Been Moving Since Then?

It turns out, estimates revision have trended upward during the past month.

VGM Scores

Currently, Helmerich & Payne has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Helmerich & Payne has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Helmerich & Payne belongs to the Zacks Oil and Gas - Drilling industry. Another stock from the same industry, Nabors Industries (NBR Quick QuoteNBR - Free Report) , has gained 11.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Nabors reported revenues of $814.79 million in the last reported quarter, representing a year-over-year change of -2.2%. EPS of -$2.04 for the same period compares with -$2.71 a year ago.

For the current quarter, Nabors is expected to post a loss of $0.40 per share, indicating a change of +89.1% from the year-ago quarter. The Zacks Consensus Estimate has changed -364.7% over the last 30 days.

Nabors has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.