From Baron Funds' first quarter letter: Helmerich & Payne, Inc. (HP, Financial) is a leading land-drilling contractor in the U.S. and has the highest proportion of new-generation land rigs among its major competitors. Helmerich & Payne shares declined amid concerns that decade-low gas prices would result in lower overall drilling activity. Helmerich & Payne has the lowest exposure to gas drilling among its peers, which we believe should enable it to weather the transition from gas drilling to oil drilling that is now underway in the U.S. Further, demand for its high technology, highly efficient rigs remains strong, leading to premium margins and continued interest in new builds by its customers. (Jamie Stone)
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