Halliburton Co. (HAL) Sets New 12-Month High on Strong Earnings
Halliburton Co. (NYSE:HAL)’s share price reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $50.23 and last traded at $49.66, with a volume of 12,963,185 shares traded. The stock had previously closed at $47.07.
The oilfield services company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.08. Halliburton had a positive return on equity of 3.55% and a negative net margin of 30.50%. The firm had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the prior year, the company earned $0.31 EPS. Halliburton’s revenue was down 31.3% on a year-over-year basis.
HAL has been the topic of several research reports. Vetr raised Halliburton from a “hold” rating to a “buy” rating and set a $42.96 target price on the stock in a research note on Tuesday, September 27th. Citigroup Inc. reissued a “buy” rating on shares of Halliburton in a research note on Wednesday, August 3rd. Zacks Investment Research lowered Halliburton from a “buy” rating to a “hold” rating in a research note on Friday, October 14th. Jefferies Group set a $56.00 target price on Halliburton and gave the stock a “buy” rating in a research note on Wednesday, July 20th. Finally, KeyCorp reissued an “overweight” rating and set a $54.00 target price (up previously from $45.00) on shares of Halliburton in a research note on Tuesday, June 21st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $47.30.
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In other Halliburton news, insider James S. Brown sold 28,439 shares of the business’s stock in a transaction dated Monday, October 10th. The stock was sold at an average price of $47.00, for a total transaction of $1,336,633.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.
A number of large investors have recently bought and sold shares of HAL. Sippican Capital Advisors purchased a new stake in Halliburton during the third quarter worth about $210,000. Guinness Asset Management Ltd boosted its position in shares of Halliburton by 1.7% in the third quarter. Guinness Asset Management Ltd now owns 266,286 shares of the oilfield services company’s stock worth $11,951,000 after buying an additional 4,500 shares in the last quarter. CWM LLC boosted its position in shares of Halliburton by 22,367.9% in the third quarter. CWM LLC now owns 25,164 shares of the oilfield services company’s stock worth $1,129,000 after buying an additional 25,052 shares in the last quarter. First Financial Corp IN boosted its position in shares of Halliburton by 189.8% in the third quarter. First Financial Corp IN now owns 3,057 shares of the oilfield services company’s stock worth $137,000 after buying an additional 2,002 shares in the last quarter. Finally, National Pension Service boosted its position in shares of Halliburton by 8.6% in the third quarter. National Pension Service now owns 607,431 shares of the oilfield services company’s stock worth $27,262,000 after buying an additional 47,976 shares in the last quarter. 79.74% of the stock is owned by hedge funds and other institutional investors.
The company’s market cap is $42.82 billion. The company has a 50-day moving average price of $43.84 and a 200 day moving average price of $42.79.
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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