Zacks Investment Research upgraded shares of Halliburton Co. (NYSE:HAL) from a hold rating to a buy rating in a report released on Wednesday. The firm currently has $52.00 price objective on the oilfield services company’s stock.
According to Zacks, “We like Halliburton’s leading position in the North American oilfield services market, with particular emphasis on the unconventional shale plays. What's impressive is that HAL has held up well amid the rig count carnage that has hit activity levels and pricing. This can be attributed to aggressive expense management. In fact, HAL is trying to use the challenges prevailing in the industry to its advantage, mainly by offering low cost solutions that will aid producers in churning out more by investing less. Moreover, with the recent OPEC deal and the subsequent advancement of crude oil, producers are likely to revive spending on drilling activities that would spur rig count. This, in turn, will result in improved demand for oilfield equipments, thereby driving HAL's revenues, earnings and cash flow. Consequently, we think HAL offers upside potential from the current price levels and label it as an attractive investment.”
A number of other research firms have also recently weighed in on HAL. Citigroup Inc. boosted their target price on shares of Halliburton from $52.00 to $57.00 and gave the stock a buy rating in a research note on Tuesday, October 11th. Stephens reaffirmed a top pick rating on shares of Halliburton in a research note on Friday, July 15th. Vetr cut shares of Halliburton from a buy rating to a hold rating and set a $46.86 target price on the stock. in a research note on Thursday, October 6th. Societe Generale cut shares of Halliburton from a buy rating to a hold rating and boosted their target price for the stock from $46.00 to $50.00 in a research note on Monday, July 18th. Finally, Goldman Sachs Group Inc. reaffirmed a buy rating on shares of Halliburton in a research note on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $47.30.
Shares of Halliburton (NYSE:HAL) opened at 46.32 on Wednesday. Halliburton has a 52-week low of $27.64 and a 52-week high of $47.96. The company’s market cap is $39.89 billion. The company has a 50 day moving average of $43.78 and a 200-day moving average of $42.70.
Halliburton (NYSE:HAL) last posted its earnings results on Wednesday, July 20th. The oilfield services company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.05. The firm had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.76 billion. Halliburton had a negative net margin of 30.50% and a positive return on equity of 3.55%. The company’s revenue was down 35.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.44 earnings per share. Analysts forecast that Halliburton will post ($0.18) EPS for the current fiscal year.
In other Halliburton news, insider James S. Brown sold 28,439 shares of the stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $47.00, for a total value of $1,336,633.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of HAL. Capital Research Global Investors boosted its stake in Halliburton by 2.5% in the second quarter. Capital Research Global Investors now owns 57,462,943 shares of the oilfield services company’s stock valued at $2,602,497,000 after buying an additional 1,426,237 shares in the last quarter. Vanguard Group Inc. boosted its stake in Halliburton by 2.0% in the second quarter. Vanguard Group Inc. now owns 53,056,563 shares of the oilfield services company’s stock valued at $2,402,932,000 after buying an additional 1,024,207 shares in the last quarter. State Street Corp boosted its stake in Halliburton by 1.1% in the second quarter. State Street Corp now owns 40,360,728 shares of the oilfield services company’s stock valued at $1,827,936,000 after buying an additional 449,869 shares in the last quarter. Capital World Investors boosted its stake in Halliburton by 13.4% in the second quarter. Capital World Investors now owns 29,055,680 shares of the oilfield services company’s stock valued at $1,315,932,000 after buying an additional 3,440,198 shares in the last quarter. Finally, Waddell & Reed Financial Inc. boosted its stake in Halliburton by 11.9% in the second quarter. Waddell & Reed Financial Inc. now owns 18,587,275 shares of the oilfield services company’s stock valued at $841,818,000 after buying an additional 1,981,618 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.
Halliburton Company is a provider of services and products to the upstream oil and natural gas industry. The Company operates through two segments: the Completion and Production segment, and the Drilling and Evaluation segment. The Company’s Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, and completion products and services.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Halliburton Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Halliburton Co. and related companies with MarketBeat.com's FREE daily email newsletter.