Redwood Investment Management LLC Takes $1.02 Million Position in Halliburton Company $HAL

Redwood Investment Management LLC acquired a new stake in Halliburton Company (NYSE:HAL) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 26,151 shares of the oilfield services company’s stock, valued at approximately $1,020,000.

Several other hedge funds have also added to or reduced their stakes in the business. Bank of Nova Scotia raised its holdings in Halliburton by 128.8% during the 1st quarter. Bank of Nova Scotia now owns 2,284,612 shares of the oilfield services company’s stock worth $89,077,000 after buying an additional 1,286,095 shares during the period. ABN Amro Investment Solutions acquired a new position in shares of Halliburton in the fourth quarter valued at approximately $827,000. K.J. Harrison & Partners Inc increased its position in shares of Halliburton by 172.6% during the fourth quarter. K.J. Harrison & Partners Inc now owns 110,000 shares of the oilfield services company’s stock worth $3,109,000 after acquiring an additional 69,644 shares in the last quarter. Swiss Life Asset Management Ltd raised its holdings in shares of Halliburton by 22.0% during the fourth quarter. Swiss Life Asset Management Ltd now owns 373,949 shares of the oilfield services company’s stock worth $10,568,000 after acquiring an additional 67,369 shares during the period. Finally, Nwam LLC bought a new stake in Halliburton in the 4th quarter valued at $3,731,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Halliburton from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Freedom Capital upgraded Halliburton from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 22nd. Wolfe Research began coverage on Halliburton in a research report on Wednesday, July 8th. They set a “peer perform” rating for the company. Royal Bank Of Canada increased their price objective on Halliburton from $43.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. Finally, Argus dropped their target price on Halliburton from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.10.

Insider Buying and Selling

In related news, EVP Van H. Beckwith sold 198,349 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $41.29, for a total transaction of $8,189,830.21. Following the transaction, the executive vice president directly owned 146,186 shares in the company, valued at approximately $6,036,019.94. The trade was a 57.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Carre sold 24,778 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.89, for a total transaction of $889,282.42. Following the transaction, the chief financial officer owned 148,520 shares in the company, valued at approximately $5,330,382.80. The trade was a 14.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.57% of the company’s stock.

Halliburton Price Performance

Shares of NYSE HAL opened at $31.90 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.02 and a quick ratio of 1.50. The business has a 50-day moving average of $35.69 and a 200-day moving average of $36.48. The stock has a market capitalization of $26.58 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 2.01 and a beta of 0.73. Halliburton Company has a fifty-two week low of $20.39 and a fifty-two week high of $43.59.

Halliburton (NYSE:HAL) last released its earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.01. Halliburton had a return on equity of 18.71% and a net margin of 7.16%.The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. Halliburton’s revenue was up 3.7% on a year-over-year basis. As a group, sell-side analysts predict that Halliburton Company will post 2.35 earnings per share for the current fiscal year.

Halliburton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.17 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.1%. Halliburton’s dividend payout ratio is currently 35.60%.

Halliburton Company Profile

Halliburton is one of the world’s largest providers of products and services to the energy industry, offering a broad portfolio that supports the lifecycle of oil and gas reservoirs from exploration and drilling through production and abandonment. Founded in 1919 by Erle P. Halliburton as an oil-well cementing company, the firm is headquartered in Houston, Texas and has developed into an integrated oilfield services company serving upstream operators globally.

The company’s activities encompass drilling and evaluation, well construction and completion, production enhancement and well intervention.