J P Morgan Chase & Co Lowers Halliburton Company (HAL) Price Target to $55.00
Halliburton Company (NYSE:HAL) had its price target dropped by analysts at J P Morgan Chase & Co from $60.00 to $55.00 in a research note issued to investors on Tuesday. The brokerage presently has an “overweight” rating on the oilfield services company’s stock. J P Morgan Chase & Co’s target price indicates a potential upside of 31.58% from the company’s previous close.
Several other brokerages also recently commented on HAL. Seaport Global Securities upgraded Halliburton from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $50.00 in a research report on Thursday, July 20th. Zacks Investment Research upgraded Halliburton from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. Royal Bank Of Canada restated a “buy” rating and issued a $60.00 price objective on shares of Halliburton in a research report on Thursday, July 20th. Jefferies Group LLC restated a “buy” rating and issued a $69.00 price objective on shares of Halliburton in a research report on Friday, May 26th. Finally, Credit Suisse Group set a $60.00 price objective on Halliburton and gave the company a “buy” rating in a research report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $58.61.
Shares of Halliburton (HAL) opened at 41.80 on Tuesday. Halliburton has a 12-month low of $38.18 and a 12-month high of $58.78. The firm has a 50 day moving average price of $40.49 and a 200 day moving average price of $45.20. The stock’s market cap is $36.43 billion.
Halliburton (NYSE:HAL) last announced its quarterly earnings data on Monday, July 24th. The oilfield services company reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.05. Halliburton had a positive return on equity of 2.97% and a negative net margin of 0.86%. The business had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the business earned ($0.14) earnings per share. The business’s revenue was up 29.3% on a year-over-year basis. On average, equities analysts expect that Halliburton will post $1.12 EPS for the current year.
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In related news, EVP Lawrence J. Pope sold 43,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was 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 SEC, which is available at the SEC website. 0.46% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Halliburton by 2,760.4% during the first quarter. BlackRock Inc. now owns 51,835,128 shares of the oilfield services company’s stock worth $2,550,805,000 after buying an additional 50,022,982 shares during the period. Ameriprise Financial Inc. lifted its holdings in Halliburton by 107.8% during the second quarter. Ameriprise Financial Inc. now owns 15,623,103 shares of the oilfield services company’s stock worth $667,362,000 after buying an additional 8,105,286 shares during the period. Franklin Resources Inc. lifted its holdings in Halliburton by 35.1% during the second quarter. Franklin Resources Inc. now owns 14,813,901 shares of the oilfield services company’s stock worth $632,678,000 after buying an additional 3,844,946 shares during the period. Balyasny Asset Management LLC lifted its holdings in Halliburton by 7,314.7% during the second quarter. Balyasny Asset Management LLC now owns 3,750,668 shares of the oilfield services company’s stock worth $160,191,000 after buying an additional 3,700,084 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in Halliburton by 3,294.9% during the second quarter. Janus Henderson Group PLC now owns 3,784,359 shares of the oilfield services company’s stock worth $161,631,000 after buying an additional 3,672,887 shares during the period. 79.53% of the stock is currently owned by 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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