Halliburton Co. (HAL) Stock Rating Upgraded by Zacks Investment Research
Halliburton Co. (NYSE:HAL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $52.00 price objective on the oilfield services company’s stock. Zacks Investment Research’s price target would suggest a potential upside of 11.49% from the company’s previous close.
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.”
HAL has been the topic of a number of other research reports. Loop Capital assumed coverage on shares of Halliburton in a report on Friday, September 30th. They set a “buy” rating on the stock. Vetr lowered shares of Halliburton from a “buy” rating to a “hold” rating and set a $42.96 price target on the stock. in a research report on Tuesday, September 6th. Guggenheim restated a “sell” rating on shares of Halliburton in a research report on Wednesday, August 31st. KeyCorp reiterated an “overweight” rating and set a $54.00 target price (up from $45.00) on shares of Halliburton in a research report on Tuesday, June 21st. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Halliburton in a research report on Tuesday, July 5th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $47.17.
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Halliburton (NYSE:HAL) opened at 46.64 on Wednesday. Halliburton has a 12-month low of $27.64 and a 12-month high of $47.64. The firm’s 50-day moving average is $43.53 and its 200-day moving average is $42.37. The stock’s market capitalization is $40.16 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, beating the consensus estimate of ($0.19) by $0.05. Halliburton had a positive return on equity of 3.55% and a negative net margin of 30.50%. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the firm posted $0.44 earnings per share. Halliburton’s revenue was down 35.2% compared to the same quarter last year. Analysts predict that Halliburton will post ($0.18) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 28th. Investors of record on Wednesday, September 7th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.54%. The ex-dividend date was Friday, September 2nd. Halliburton’s payout ratio is currently -10.86%.
A number of hedge funds have recently bought and sold shares of HAL. Los Angeles Capital Management & Equity Research Inc. increased its stake in Halliburton by 46.9% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 16,002 shares of the oilfield services company’s stock valued at $572,000 after buying an additional 5,110 shares during the last quarter. Bessemer Group Inc. increased its stake in Halliburton by 106.2% in the first quarter. Bessemer Group Inc. now owns 12,283 shares of the oilfield services company’s stock valued at $439,000 after buying an additional 6,326 shares during the last quarter. Huntington Asset Advisors Inc. acquired a new stake in Halliburton during the first quarter valued at about $214,000. Investec Asset Management LTD increased its stake in Halliburton by 162.0% in the first quarter. Investec Asset Management LTD now owns 624,419 shares of the oilfield services company’s stock valued at $22,304,000 after buying an additional 386,094 shares during the last quarter. Finally, ING Groep NV increased its stake in Halliburton by 257.6% in the first quarter. ING Groep NV now owns 61,475 shares of the oilfield services company’s stock valued at $2,197,000 after buying an additional 44,283 shares during the last quarter. 79.64% of the stock is owned by institutional investors and hedge funds.
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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