Halliburton Co. (NYSE:HAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “We like Halliburton’s leading position in the North American oilfield services market, with particular emphasis on the unconventional shale plays. Halliburton has held up well amid the rig count carnage that has hit activity levels and pricing. This can be attributed to aggressive expense management. 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. 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 analysts also recently issued reports on the stock. Vetr raised shares of Halliburton from a “hold” rating to a “buy” rating and set a $42.96 price target on the stock in a report on Tuesday, September 13th. Citigroup Inc. upped their price target on shares of Halliburton from $52.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday. Societe Generale raised shares of Halliburton from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Monday, October 3rd. Jefferies Group reissued a “buy” rating on shares of Halliburton in a research report on Tuesday, August 30th. Finally, Goldman Sachs Group Inc. reissued a “buy” rating on shares of Halliburton in a research report on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Halliburton has an average rating of “Buy” and a consensus target price of $47.30.
Halliburton (NYSE:HAL) traded down 0.02% during trading on Friday, hitting $47.01. 4,017,667 shares of the company were exchanged. The company has a 50-day moving average of $43.66 and a 200-day moving average of $42.44. Halliburton has a 12 month low of $27.64 and a 12 month high of $47.96. The company’s market capitalization is $40.48 billion.
Halliburton (NYSE:HAL) last released its quarterly earnings data on Wednesday, July 20th. The oilfield services company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.05. The firm had revenue of $3.84 billion for 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%. The firm’s revenue was down 35.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 earnings per share. Analysts forecast that Halliburton will post ($0.18) EPS for the current year.
In other Halliburton news, insider James S. Brown sold 28,439 shares of the firm’s stock in a transaction dated Monday, October 10th. The shares were sold at an average price of $47.00, for a total value of $1,336,633.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. AMP Capital Investors Ltd boosted its position in shares of Halliburton by 4.7% in the first quarter. AMP Capital Investors Ltd now owns 250,079 shares of the oilfield services company’s stock valued at $9,007,000 after buying an additional 11,116 shares during the last quarter. Simmons Bank bought a new stake in Halliburton during the first quarter worth about $756,000. Geode Capital Management LLC raised its stake in Halliburton by 1.7% in the first quarter. Geode Capital Management LLC now owns 7,023,445 shares of the oilfield services company’s stock worth $250,374,000 after buying an additional 119,543 shares during the period. Loomis Sayles & Co. L P raised its stake in Halliburton by 12.2% in the first quarter. Loomis Sayles & Co. L P now owns 2,031,603 shares of the oilfield services company’s stock worth $72,569,000 after buying an additional 221,524 shares during the period. Finally, BP Capital Fund Advisors LLC raised its stake in Halliburton by 2.4% in the first quarter. BP Capital Fund Advisors LLC now owns 150,044 shares of the oilfield services company’s stock worth $5,360,000 after buying an additional 3,507 shares during the period. Institutional investors own 79.64% 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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