Halliburton Co. (HAL) Rating Lowered to Hold at Zacks Investment Research
Halliburton Co. (NYSE:HAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Despite the weak commodity pricing environment, Halliburton has maintained its excellent track record of earnings surprise history, beating estimates in each of the last nine quarters. The world’s second largest oilfield-services provider's results reflect effective cost management and improved utilization on the back of growing North American rig count. In fact, Halliburton has used the challenges prevailing in the industry to its advantage, mainly by offering low cost solutions that aids producers in churning out more by investing less. However, with the failure of BHI acquisition, Halliburton had to book a massive $3.5 billion in breakup charges. Halliburton was also forced to cut back operations in Venezuela after it struggled to get paid for services already rendered. Hence, we advise investors to wait for a better entry point before buying shares in Halliburton.”
Several other equities analysts have also issued reports on the company. Citigroup Inc. reaffirmed a “buy” rating on shares of Halliburton in a research note on Wednesday, August 3rd. Jefferies Group reaffirmed a “buy” rating on shares of Halliburton in a research note on Tuesday, August 30th. Vetr raised Halliburton from a “hold” rating to a “buy” rating and set a $42.96 price target on the stock in a research note on Tuesday, September 13th. Societe Generale raised Halliburton from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Monday, October 3rd. Finally, Loop Capital began coverage on Halliburton in a research note on Friday, September 30th. They set a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $50.81.
Halliburton (NYSE:HAL) opened at 53.09 on Tuesday. The company has a 50-day moving average price of $48.05 and a 200-day moving average price of $44.78. Halliburton has a 52 week low of $27.64 and a 52 week high of $54.92. The stock’s market cap is $45.89 billion.
Halliburton (NYSE:HAL) last posted its quarterly earnings data on Wednesday, October 19th. The oilfield services company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.08. The company had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.87 billion. Halliburton had a positive return on equity of 1.82% and a negative net margin of 33.29%. The business’s revenue was down 31.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.31 earnings per share. Analysts anticipate that Halliburton will post ($0.05) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 28th. Shareholders of record on Wednesday, December 7th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, December 5th. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. Halliburton’s dividend payout ratio (DPR) is presently -10.98%.
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In other Halliburton news, insider Joe D. Rainey sold 23,162 shares of the firm’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $50.23, for a total transaction of $1,163,427.26. Following the transaction, the insider now owns 185,819 shares in the company, valued at approximately $9,333,688.37. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Jeffrey Allen Miller sold 55,299 shares of the firm’s stock in a transaction on Wednesday, October 19th. The stock was sold at an average price of $50.00, for a total value of $2,764,950.00. Following the transaction, the president now owns 302,261 shares in the company, valued at approximately $15,113,050. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Johnson Financial Group Inc. raised its position in shares of Halliburton by 51.3% in the second quarter. Johnson Financial Group Inc. now owns 2,277 shares of the oilfield services company’s stock valued at $103,000 after buying an additional 772 shares during the last quarter. Manchester Capital Management LLC raised its position in shares of Halliburton by 0.4% in the second quarter. Manchester Capital Management LLC now owns 2,354 shares of the oilfield services company’s stock valued at $107,000 after buying an additional 9 shares during the last quarter. IndexIQ Advisors LLC raised its position in shares of Halliburton by 114.4% in the third quarter. IndexIQ Advisors LLC now owns 2,388 shares of the oilfield services company’s stock valued at $107,000 after buying an additional 1,274 shares during the last quarter. FTB Advisors Inc. raised its position in shares of Halliburton by 31.5% in the third quarter. FTB Advisors Inc. now owns 2,430 shares of the oilfield services company’s stock valued at $116,000 after buying an additional 582 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its position in shares of Halliburton by 17.5% in the second quarter. Quadrant Capital Group LLC now owns 2,542 shares of the oilfield services company’s stock valued at $104,000 after buying an additional 379 shares during the last quarter. Hedge funds and other institutional investors own 78.27% of the company’s stock.
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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