Halliburton Co. (HAL) Sets New 12-Month High on Strong Earnings
Halliburton Co. (NYSE:HAL)’s share price hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $50.23 and last traded at $49.66, with a volume of 12,963,185 shares changing hands. The stock had previously closed at $47.07.
The oilfield services company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.08. Halliburton had a negative net margin of 30.50% and a positive return on equity of 3.55%. The business had revenue of $3.83 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the firm posted $0.31 EPS. The business’s revenue for the quarter was down 31.3% compared to the same quarter last year.
A number of equities research analysts have issued reports on HAL shares. Simmons boosted their target price on shares of Halliburton from $48.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, June 21st. KeyCorp reissued an “overweight” rating and set a $54.00 target price (up previously from $45.00) on shares of Halliburton in a report on Tuesday, June 21st. Vetr cut shares of Halliburton from a “strong-buy” rating to a “buy” rating and set a $50.00 target price on the stock. in a report on Wednesday, June 22nd. Citigroup Inc. reissued a “buy” rating on shares of Halliburton in a report on Saturday, June 25th. Finally, Iberia Capital reissued an “outperform” rating and set a $50.00 target price on shares of Halliburton in a report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $47.30.
In other news, insider James S. Brown sold 28,439 shares of Halliburton stock in a transaction on Monday, October 10th. The shares were sold at an average price of $47.00, for a total transaction of $1,336,633.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Jennison Associates LLC boosted its position in shares of Halliburton by 74.6% in the second quarter. Jennison Associates LLC now owns 10,985,623 shares of the oilfield services company’s stock valued at $497,539,000 after buying an additional 4,695,475 shares in the last quarter. FMR LLC increased its stake in shares of Halliburton by 40.1% in the second quarter. FMR LLC now owns 13,373,769 shares of the oilfield services company’s stock valued at $605,699,000 after buying an additional 3,829,088 shares during the last quarter. Capital World Investors increased its stake in shares of Halliburton by 13.4% in the second quarter. Capital World Investors now owns 29,055,680 shares of the oilfield services company’s stock valued at $1,315,932,000 after buying an additional 3,440,198 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Halliburton during the second quarter valued at approximately $126,987,000. Finally, Schroder Investment Management Group increased its stake in shares of Halliburton by 497.8% in the second quarter. Schroder Investment Management Group now owns 2,473,431 shares of the oilfield services company’s stock valued at $112,022,000 after buying an additional 2,059,670 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.
The company’s 50 day moving average is $43.84 and its 200 day moving average is $42.79. The stock’s market cap is $42.82 billion.
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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