Halliburton Company (NYSE:HAL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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 equities research analysts have also recently 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 restated a “buy” rating and issued a $69.00 price objective on shares of Halliburton in a report on Friday, June 30th. Scotiabank restated a “buy” rating and issued 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 restated a “buy” rating and issued a $62.00 price objective (down previously from $65.00) on shares of Halliburton in a report on Thursday, June 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $57.88.
Halliburton (NYSE:HAL) last announced its quarterly earnings data on Monday, July 24th. The oilfield services company reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.05. The business had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $4.86 billion. Halliburton had a negative net margin of 0.86% and a positive return on equity of 2.97%. The business’s revenue was up 29.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.14) earnings per share.
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In other news, EVP Lawrence J. Pope sold 43,000 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 company. Vanguard Group Inc. increased its stake in shares of Halliburton by 2.2% in the second quarter. Vanguard Group Inc. now owns 59,770,447 shares of the oilfield services company’s stock worth $2,552,795,000 after purchasing an additional 1,267,141 shares in the last quarter. BlackRock Inc. increased its stake in shares of Halliburton by 7.6% in the second quarter. BlackRock Inc. now owns 55,790,373 shares of the oilfield services company’s stock worth $2,382,809,000 after purchasing an additional 3,955,245 shares in the last quarter. Capital World Investors increased its stake in shares of Halliburton by 0.7% in the second quarter. Capital World Investors now owns 47,713,255 shares of the oilfield services company’s stock worth $2,037,833,000 after purchasing an additional 320,362 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Halliburton by 1.1% in the first quarter. Wellington Management Group LLP now owns 20,413,182 shares of the oilfield services company’s stock worth $1,004,532,000 after purchasing an additional 227,704 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Halliburton by 107.8% in the second quarter. Ameriprise Financial Inc. now owns 15,623,103 shares of the oilfield services company’s stock worth $667,362,000 after purchasing an additional 8,105,286 shares in the last quarter. 79.52% of the stock is owned by hedge funds and other institutional investors.
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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