Russell Investments Group Ltd. Reduces Position in Halliburton Company (HAL)
Russell Investments Group Ltd. reduced its holdings in Halliburton Company (NYSE:HAL) by 28.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 723,078 shares of the oilfield services company’s stock after selling 291,035 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Halliburton worth $33,280,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BB&T Securities LLC raised its holdings in shares of Halliburton by 25.3% during the second quarter. BB&T Securities LLC now owns 56,135 shares of the oilfield services company’s stock valued at $2,397,000 after acquiring an additional 11,334 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Halliburton by 16.4% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,885 shares of the oilfield services company’s stock valued at $1,063,000 after acquiring an additional 3,510 shares during the period. LMR Partners LLP acquired a new stake in shares of Halliburton during the second quarter valued at approximately $2,388,000. Airain ltd raised its holdings in shares of Halliburton by 31.8% during the second quarter. Airain ltd now owns 491,492 shares of the oilfield services company’s stock valued at $20,992,000 after acquiring an additional 118,512 shares during the period. Finally, Swiss National Bank raised its holdings in shares of Halliburton by 3.4% during the second quarter. Swiss National Bank now owns 3,167,697 shares of the oilfield services company’s stock valued at $135,292,000 after acquiring an additional 104,500 shares during the period. Institutional investors and hedge funds own 78.61% of the company’s stock.
Several research analysts have weighed in on the stock. ValuEngine lowered shares of Halliburton from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Jefferies Group LLC set a $56.00 price objective on shares of Halliburton and gave the company a “buy” rating in a research note on Monday, August 28th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $53.00 price objective on shares of Halliburton in a research note on Wednesday, September 6th. J P Morgan Chase & Co dropped their price objective on shares of Halliburton from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 12th. Finally, FBR & Co dropped their price objective on shares of Halliburton from $61.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $57.55.
Halliburton Company (HAL) opened at $41.17 on Wednesday. The stock has a market capitalization of $35,920.00, a P/E ratio of 56.94, a price-to-earnings-growth ratio of 4.49 and a beta of 1.05. Halliburton Company has a twelve month low of $38.18 and a twelve month high of $58.78. The company has a current ratio of 2.20, a quick ratio of 1.67 and a debt-to-equity ratio of 1.13.
Halliburton (NYSE:HAL) last posted its quarterly earnings results on Monday, October 23rd. The oilfield services company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. Halliburton had a return on equity of 6.93% and a net margin of 1.13%. The firm had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same period in the prior year, the business earned $0.01 EPS. The company’s revenue for the quarter was up 42.0% compared to the same quarter last year. sell-side analysts anticipate that Halliburton Company will post 1.16 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 7th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Wednesday, December 6th. Halliburton’s payout ratio is currently 300.00%.
In related news, Chairman David J. Lesar sold 50,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $43.70, for a total value of $2,185,000.00. Following the completion of the sale, the chairman now directly owns 490,143 shares of the company’s stock, valued at approximately $21,419,249.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lawrence J. Pope sold 43,000 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $39.66, for a total value of $1,705,380.00. The disclosure for this sale can be found here. Corporate insiders own 0.47% of the company’s stock.
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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