Halliburton Co. (HAL) Stock Rating Upgraded by Zacks Investment Research
Halliburton Co. (NYSE:HAL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $52.00 price objective on the oilfield services company’s stock. Zacks Investment Research’s target price would suggest a potential upside of 11.49% from the stock’s current price.
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 brokerages have also recently issued reports on HAL. Loop Capital initiated coverage on shares of Halliburton in a report on Friday, September 30th. They set a “buy” rating for the company. Vetr cut shares of Halliburton from a “buy” rating to a “hold” rating and set a $42.96 price objective for the company. in a report on Tuesday, September 6th. Guggenheim restated a “sell” rating on shares of Halliburton in a report on Wednesday, August 31st. KeyCorp restated an “overweight” rating and set a $54.00 price objective (up previously from $45.00) on shares of Halliburton in a report on Tuesday, June 21st. Finally, Goldman Sachs Group Inc. restated a “buy” rating on shares of Halliburton in a report on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $47.17.
Shares of Halliburton (NYSE:HAL) opened at 46.64 on Wednesday. The company’s market capitalization is $40.16 billion. Halliburton has a one year low of $27.64 and a one year high of $47.64. The company’s 50-day moving average is $43.53 and its 200-day moving average is $42.37.
Halliburton (NYSE:HAL) last posted its quarterly earnings results on Wednesday, July 20th. The oilfield services company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.05. The business earned $3.84 billion during the quarter, compared to the consensus estimate of $3.76 billion. Halliburton had a negative net margin of 30.50% and a positive return on equity of 3.55%. Halliburton’s revenue for the quarter was down 35.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 earnings per share. Equities analysts predict that Halliburton will post ($0.18) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 7th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.54%. Halliburton’s payout ratio is -10.86%.
A number of large investors have recently made changes to their positions in the company. Manchester Capital Management LLC increased its stake in Halliburton by 0.4% in the second quarter. Manchester Capital Management LLC now owns 2,354 shares of the oilfield services company’s stock worth $107,000 after buying an additional 9 shares during the last quarter. Point View Wealth Management Inc. increased its stake in Halliburton by 0.6% in the second quarter. Point View Wealth Management Inc. now owns 6,254 shares of the oilfield services company’s stock worth $283,000 after buying an additional 39 shares during the last quarter. Advisory Services Network LLC increased its stake in Halliburton by 0.4% in the third quarter. Advisory Services Network LLC now owns 11,662 shares of the oilfield services company’s stock worth $523,000 after buying an additional 46 shares during the last quarter. Pitcairn Co. increased its stake in Halliburton by 0.7% in the second quarter. Pitcairn Co. now owns 7,694 shares of the oilfield services company’s stock worth $349,000 after buying an additional 54 shares during the last quarter. Finally, Alpha Windward LLC increased its stake in Halliburton by 1.6% in the second quarter. Alpha Windward LLC now owns 3,609 shares of the oilfield services company’s stock worth $163,000 after buying an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 79.64% 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.
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