Pinnacle Associates Ltd. increased its holdings in shares of Halliburton Company (NYSE:HAL) by 2.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,278 shares of the oilfield services company’s stock after purchasing an additional 1,412 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Halliburton were worth $2,959,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Sumitomo Mitsui Financial Group Inc. acquired a new stake in shares of Halliburton during the 1st quarter worth about $100,000. Perigon Wealth Management LLC grew its position in Halliburton by 0.8% in the 1st quarter. Perigon Wealth Management LLC now owns 2,049 shares of the oilfield services company’s stock valued at $101,000 after acquiring an additional 17 shares in the last quarter. Ledyard National Bank grew its position in Halliburton by 6.5% in the 2nd quarter. Ledyard National Bank now owns 2,469 shares of the oilfield services company’s stock valued at $106,000 after acquiring an additional 150 shares in the last quarter. Bbva Compass Bancshares Inc. grew its position in Halliburton by 5.0% in the 2nd quarter. Bbva Compass Bancshares Inc. now owns 2,701 shares of the oilfield services company’s stock valued at $115,000 after acquiring an additional 128 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. grew its position in Halliburton by 87.6% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,711 shares of the oilfield services company’s stock valued at $116,000 after acquiring an additional 1,266 shares in the last quarter. 79.53% of the stock is owned by hedge funds and other institutional investors.
In other Halliburton news, EVP Lawrence J. Pope sold 43,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $39.66, for a total transaction of $1,705,380.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.46% of the company’s stock.
Shares of Halliburton Company (NYSE HAL) opened at 40.29 on Friday. The firm has a 50-day moving average price of $40.63 and a 200-day moving average price of $45.49. The stock’s market cap is $35.12 billion. Halliburton Company has a 52 week low of $38.18 and a 52 week high of $58.78.
Halliburton (NYSE:HAL) last released its earnings results on Monday, July 24th. The oilfield services company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. Halliburton had a positive return on equity of 2.97% and a negative net margin of 0.86%. The company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter last year, the business posted ($0.14) EPS. Halliburton’s quarterly revenue was up 29.3% compared to the same quarter last year. On average, analysts forecast that Halliburton Company will post $1.12 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 27th. Shareholders of record on Wednesday, September 6th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Friday, September 1st. Halliburton’s dividend payout ratio is presently -423.50%.
Several research firms have weighed in on HAL. Royal Bank Of Canada set a $65.00 target price on Halliburton and gave the company a “buy” rating in a research report on Saturday, June 24th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $55.00 target price (down from $60.00) on shares of Halliburton in a research report on Tuesday, July 25th. ValuEngine raised Halliburton from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. Zacks Investment Research downgraded Halliburton from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $60.00 target price (down from $67.00) on shares of Halliburton in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $58.74.
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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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