According to Zacks, “We like Halliburton’s leading position in the North American oilfield services market, with particular emphasis on the unconventional shale plays. Halliburton has held up well amid the rig count carnage that has hit activity levels and pricing. This can be attributed to aggressive expense management. 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. However, with the failure of BHI acquisition, Halliburton had to book a massive $3.5 billion in breakup charges. Halliburton was also forced to cut back operations in Venezuela after it struggled to get paid for services already rendered. Hence, we advise investors to wait for a better entry point before buying shares in Halliburton.”
Several other equities research analysts have also issued reports on the stock. Citigroup Inc. lifted their price objective on shares of Halliburton from $52.00 to $57.00 and gave the company a buy rating in a research note on Tuesday, October 11th. FBR & Co lifted their price objective on shares of Halliburton from $53.00 to $58.00 and gave the company an outperform rating in a research note on Friday, October 14th. Stephens reaffirmed a top pick rating on shares of Halliburton in a research note on Friday, July 15th. Vetr lowered shares of Halliburton from a buy rating to a hold rating and set a $46.86 price objective for the company. in a research note on Thursday, October 6th. Finally, Societe Generale lowered shares of Halliburton from a buy rating to a hold rating and lifted their price objective for the company from $46.00 to $50.00 in a research note on Monday, July 18th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $47.30.
Halliburton (NYSE:HAL) opened at 47.07 on Friday. Halliburton has a 1-year low of $27.64 and a 1-year high of $47.96. The firm’s market capitalization is $40.53 billion. The company has a 50-day moving average price of $43.84 and a 200-day moving average price of $42.79.
Halliburton (NYSE:HAL) last posted its quarterly earnings results on Wednesday, July 20th. The oilfield services company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.05. Halliburton had a negative net margin of 30.50% and a positive return on equity of 3.55%. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the company posted $0.44 EPS. Halliburton’s revenue was down 35.2% on a year-over-year basis. On average, equities research analysts predict that Halliburton will post ($0.18) earnings per share for the current fiscal year.
In related news, insider James S. Brown sold 28,439 shares of the business’s stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $47.00, for a total transaction of $1,336,633.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AMP Capital Investors Ltd increased its position in Halliburton by 4.7% in the first quarter. AMP Capital Investors Ltd now owns 250,079 shares of the oilfield services company’s stock valued at $9,007,000 after buying an additional 11,116 shares during the last quarter. Simmons Bank acquired a new position in Halliburton during the first quarter valued at $756,000. Geode Capital Management LLC increased its position in Halliburton by 1.7% in the first quarter. Geode Capital Management LLC now owns 7,023,445 shares of the oilfield services company’s stock valued at $250,374,000 after buying an additional 119,543 shares during the last quarter. Loomis Sayles & Co. L P increased its position in Halliburton by 12.2% in the first quarter. Loomis Sayles & Co. L P now owns 2,031,603 shares of the oilfield services company’s stock valued at $72,569,000 after buying an additional 221,524 shares during the last quarter. Finally, BP Capital Fund Advisors LLC increased its position in Halliburton by 2.4% in the first quarter. BP Capital Fund Advisors LLC now owns 150,044 shares of the oilfield services company’s stock valued at $5,360,000 after buying an additional 3,507 shares during the last quarter. Institutional investors own 79.74% of the company’s stock.
Halliburton Company Profile
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.