JPMorgan Chase & Co. Initiates Coverage on Halliburton (HAL)
Equities research analysts at JPMorgan Chase & Co. initiated coverage on shares of Halliburton (NYSE:HAL) in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating on the stock.
The analysts wrote, “Following a period of restriction, we are moving to an Overweight rating on Halliburton with a December 2013 price target of $57 (Overweight rating and December 2013 $54 price target prior to restriction) from a Not Rated designation…We believe HAL is exhibiting its pressure pumping cost advantage with a fleet that is 85% on long-term contracts and 75% working on 24-hour operations. With 2014 earnings revisions likely to the upside going forward, we expect multiple expansion with more investors looking toward the considerable growth in 2014 EPS amid conservative assumptions. We also think there is a free option for gas recovery, which could dramatically improve frac utilization and pricing.”
HAL has been the subject of a number of other recent research reports. Analysts at Barclays Capital raised their price target on shares of Halliburton from $71.00 to $76.00 in a research note to investors on Monday. They now have an “overweight” rating on the stock. Separately, analysts at Goldman Sachs Group Inc. raised their price target on shares of Halliburton to $63.00 in a research note to investors on Friday. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Halliburton in a research note to investors on Friday, August 16th.
Two analysts have rated the stock with a sell rating, four have given a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $55.22.
Shares of Halliburton (NYSE:HAL) traded up 0.27% during mid-day trading on Monday, hitting $48.57. 4,612,922 shares of the company’s stock traded hands. Halliburton has a 52 week low of $29.83 and a 52 week high of $49.37. The stock has a 50-day moving average of $45.74 and a 200-day moving average of $42.66. The company has a market cap of $44.373 billion and a price-to-earnings ratio of 23.71.
Halliburton (NYSE:HAL) last posted its quarterly earnings results on Monday, July 22nd. The company reported $0.73 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.72 by $0.01. The company had revenue of $7.32 billion for the quarter, compared to the consensus estimate of $7.29 billion. During the same quarter last year, the company posted $0.82 earnings per share. Halliburton’s revenue was up 1.1% compared to the same quarter last year. Analysts expect that Halliburton will post $3.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 25th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.13 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Friday, August 30th.
In other Halliburton news, CEO David Lesar unloaded 63,198 shares of the stock on the open market in a transaction that occured on Friday, August 23rd. The stock was sold at an average price of $48.00, for a total transaction of $3,033,504.00. Following the sale, the chief executive officer now directly owns 616,128 shares in the company. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Halliburton Company is an oilfield services company. The Company is provider of services and products to the energy industry related to the exploration, development, and production of oil and natural gas.
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