Shares of Helmerich & Payne, Inc. (HP, Financial), the leading land drilling contractor in the U.S, rose significantly. Over the past three years, Helmerich's market share has increased to 23% from 16%, while the company generated higher margins and returns than its main competitors. The company's share price benefited from growing optimism that U.S. horizontal drilling activity will increase, spurring additional customer demand for new rigs. During the quarter, Helmerich also signed its biggest international contract in a decade.
From Baron Funds' first quarter 2014 commentary.
