The oil and gas industry has long been associated as a ‘boom-and-bust’ business.

Big Oil was riding high from 2010-2014, as oil prices jumped above $100 per barrel in the U.S. But the good times abruptly ended, as new drilling technologies enabled robust production growth.

This has dragged oil prices down since then, which has taken Helmerich & Payne (HP) down with it. The stock has lost nearly one-third of its value year-to-date.

On the other hand, right now could be a good time for income investors to take a closer look at Helmerich & Payne.

The sell-off over the course of 2017 has pushed Helmerich & Payne’s dividend yield above 5%.

Helmerich & Payne’s dividend yield is more than double the S&P 500 Index, which has an average yield of just 2%.

If oil prices can at least stabilize, Helmerich & Payne could be an attractive stock for investors interested in high dividend yields.

Business Overview

Things were looking up for Helmerich & Payne as 2016 drew to a close. After hitting a low of $27 per barrel, crude oil rose above $50 per barrel by the end of last year.

However, U.S. producers continue to increase production, and OPEC’s recent supply cut extension was widely seen as a disappointment.

As a result, oil prices are back below $50 in the U.S, and Helmerich & Payne’s share price has followed suit.

Helmerich & Payne is a contract driller. It provides oil rigs and related drilling equipment.

The company has three operating segments:

Helmerich & Payne’s U.S. Land segment is the core of the business. The company holds a 19% market share in U.S. Land rigs.

Source: UBS Oil and Gas Conference, page 6

Since drilling activity dries up when commodity prices fall, Helmerich & Payne is highly reliant on commodity prices.

H&P’s revenue fell by nearly 50% in fiscal 2016, due to weak oil and gas prices. The company lost $57 million for the year.