Zacks Investment Research upgraded shares of Halliburton Co. (NYSE:HAL) from a hold rating to a buy rating in a research note released on Wednesday morning. The brokerage currently has $52.00 price objective on the oilfield services company’s stock.
According to Zacks, “We like Halliburton’s leading position in the North American oilfield services market, with particular emphasis on the unconventional shale plays. What's impressive is that HAL has held up well amid the rig count carnage that has hit activity levels and pricing. This can be attributed to aggressive expense management. In fact, HAL is trying to use the challenges prevailing in the industry to its advantage, mainly by offering low cost solutions that will aid producers in churning out more by investing less. 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. This, in turn, will result in improved demand for oilfield equipments, thereby driving HAL's revenues, earnings and cash flow. Consequently, we think HAL offers upside potential from the current price levels and label it as an attractive investment.”
Other analysts have also issued research reports about the company. Citigroup Inc. raised their target price on Halliburton from $52.00 to $57.00 and gave the company a buy rating in a report on Tuesday, October 11th. Stephens reaffirmed a top pick rating on shares of Halliburton in a report on Friday, July 15th. Vetr lowered Halliburton from a buy rating to a hold rating and set a $46.86 target price on the stock. in a report on Thursday, October 6th. Societe Generale lowered Halliburton from a buy rating to a hold rating and raised their target price for the company from $46.00 to $50.00 in a report on Monday, July 18th. Finally, Goldman Sachs Group Inc. reaffirmed a buy rating on shares of Halliburton in a report on Tuesday, July 5th. Two 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 stock. The stock has a consensus rating of Buy and an average price target of $47.30.
Shares of Halliburton (NYSE:HAL) opened at 46.97 on Wednesday. The firm’s market capitalization is $40.45 billion. The company’s 50 day moving average price is $43.73 and its 200 day moving average price is $42.52. Halliburton has a 52-week low of $27.64 and a 52-week high of $47.96.
Halliburton (NYSE:HAL) last issued its quarterly earnings data on Wednesday, July 20th. The oilfield services company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.19) by $0.05. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.76 billion. Halliburton had a positive return on equity of 3.55% and a negative net margin of 30.50%. The firm’s revenue for the quarter was down 35.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 EPS. Analysts forecast that Halliburton will post ($0.18) earnings per share for the current year.
In other Halliburton news, insider James S. Brown sold 28,439 shares of the company’s stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $47.00, for a total value of $1,336,633.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.46% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the stock. Capital Research Global Investors increased its position in Halliburton by 2.5% in the second quarter. Capital Research Global Investors now owns 57,462,943 shares of the oilfield services company’s stock valued at $2,602,497,000 after buying an additional 1,426,237 shares during the last quarter. Vanguard Group Inc. increased its position in Halliburton by 2.0% in the second quarter. Vanguard Group Inc. now owns 53,056,563 shares of the oilfield services company’s stock valued at $2,402,932,000 after buying an additional 1,024,207 shares during the last quarter. State Street Corp increased its position in Halliburton by 1.1% in the second quarter. State Street Corp now owns 40,360,728 shares of the oilfield services company’s stock valued at $1,827,936,000 after buying an additional 449,869 shares during the last quarter. Capital World Investors increased its position in 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. Finally, Waddell & Reed Financial Inc. increased its position in Halliburton by 11.9% in the second quarter. Waddell & Reed Financial Inc. now owns 18,587,275 shares of the oilfield services company’s stock valued at $841,818,000 after buying an additional 1,981,618 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Halliburton Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Halliburton Co. and related companies with MarketBeat.com's FREE daily email newsletter.