Helmerich & Payne, Inc. (HP), is the leading land drilling energy contractor in the U.S. Over the past three years, Helmerich's market share has increased to 23% from 16%, while generating higher margins and returns than its main competitors. It has benefited from growing optimism that U.S. horizontal drilling activity will increase, spurring customer demand for new rigs. The company also signed its biggest international contract in a decade. Helmerich is a best-in-class operator and remains a core position. (James Stone)
From Baron Funds' first quarter 2014 letter to investors.