Halliburton Company (NYSE:HAL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “The world’s No. 2 oilfield-services provider has an incredible history when it comes to beating earnings estimates, driven by improved utilization and pricing gains in North America, together with cost saving initiatives. Halliburton is also set to profit from the Summit ESP buyout on account of the latter’s expertise in extending the life of shale wells. The shares of Halliburton have also outperformed the broader industry year to date. However, pricing pressure across the international markets is likely to dampen investor confidence. Moreover, with the failure of BHI acquisition, HAL had to book a massive $3.5 billion in breakup charges that stretched its balance sheet. Hence, we advise investors to wait for a better entry point before buying shares in HAL.”
Other analysts have also issued research reports about the stock. Credit Suisse Group set a $60.00 price objective on shares of Halliburton and gave the stock a “buy” rating in a report on Saturday, July 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $69.00 price objective on shares of Halliburton in a report on Friday, June 30th. Scotiabank reaffirmed a “buy” rating and set a $59.00 price objective on shares of Halliburton in a report on Wednesday, June 28th. Royal Bank Of Canada set a $65.00 price objective on shares of Halliburton and gave the stock a “buy” rating in a report on Saturday, June 24th. Finally, HSBC Holdings plc reaffirmed a “buy” rating and set a $62.00 price objective (down previously from $65.00) on shares of Halliburton in a report on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $57.88.
Halliburton (NYSE:HAL) last posted its quarterly earnings data on Monday, July 24th. The oilfield services company reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.05. The company had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.86 billion. Halliburton had a negative net margin of 0.86% and a positive return on equity of 2.97%. The company’s revenue was up 29.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.14) earnings per share. On average, equities analysts forecast that Halliburton will post $1.11 EPS for the current year.
In related news, EVP Lawrence J. Pope sold 43,000 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $39.66, for a total value of $1,705,380.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.47% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Osborn Williams & Donohoe LLC bought a new stake in Halliburton in the 3rd quarter valued at $212,000. Neville Rodie & Shaw Inc. bought a new stake in Halliburton in the 3rd quarter valued at $202,000. Park National Corp OH lifted its position in Halliburton by 2.9% in the 3rd quarter. Park National Corp OH now owns 109,975 shares of the oilfield services company’s stock valued at $5,062,000 after acquiring an additional 3,077 shares in the last quarter. Cacti Asset Management LLC lifted its position in Halliburton by 13.7% in the 3rd quarter. Cacti Asset Management LLC now owns 804,430 shares of the oilfield services company’s stock valued at $36,666,000 after acquiring an additional 96,814 shares in the last quarter. Finally, Sentry Investment Management LLC lifted its position in Halliburton by 102.3% in the 2nd quarter. Sentry Investment Management LLC now owns 69,683 shares of the oilfield services company’s stock valued at $2,976,000 after acquiring an additional 35,245 shares in the last quarter. 79.52% of the stock is currently owned by institutional investors and hedge funds.
Halliburton Company Profile
Halliburton Company provides services and products to the upstream oil and natural gas industry throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the field.
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