Halliburton Company (NYSE:HAL) Rating Lowered to Sell at Zacks Investment Research
Halliburton Company (NYSE:HAL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Halliburton shares have suffered this year, declining around 22% year-to date, to reflect the commodity's price slide and uneven outlook. The sluggish international outlook – reflecting lower activity and pricing pressure – is expected to dampen investor confidence. Further, the company's cash reserves are also dropping providing it with lesser financial flexibility. Moreover, with the failure of BHI acquisition, HAL had to book a massive $3.5 billion in breakup charges that stretched its balance sheet. The company's high debt levels is likely to affect its credit metrics adversly. Halliburton was also forced to discontinue its operations in Venexuela which will further hurt its revenues and financials negatively. Given these headwinds, we see Halliburton as a risky bet that ordinary investors should exit.”
Several other analysts also recently weighed in on HAL. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Halliburton Company in a research note on Monday. Royal Bank Of Canada set a $65.00 target price on Halliburton Company and gave the company a “buy” rating in a research note on Saturday, June 24th. BidaskClub raised Halliburton Company from a “strong sell” rating to a “sell” rating in a research note on Saturday. Credit Suisse Group set a $60.00 target price on Halliburton Company and gave the company a “buy” rating in a research note on Saturday, July 1st. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $69.00 target price on shares of Halliburton Company in a research note on Friday, June 30th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $60.21.
Halliburton Company (HAL) traded up 0.92% on Tuesday, hitting $42.71. The stock had a trading volume of 5,382,867 shares. The company’s market cap is $37.07 billion. Halliburton Company has a 12-month low of $40.12 and a 12-month high of $58.78. The company’s 50 day moving average price is $44.82 and its 200-day moving average price is $50.32.
Halliburton Company (NYSE:HAL) last announced its earnings results on Monday, April 24th. The oilfield services company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.30 billion. Halliburton Company had a negative return on equity of 0.48% and a negative net margin of 21.19%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.07 EPS. Equities research analysts anticipate that Halliburton Company will post $0.99 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 28th. Investors of record on Wednesday, June 7th were given a dividend of $0.18 per share. The ex-dividend date was Monday, June 5th. This represents a $0.72 dividend on an annualized basis and a yield of 1.69%. Halliburton Company’s payout ratio is -18.32%.
In other news, Director William E. Albrecht acquired 8,000 shares of Halliburton Company stock in a transaction that occurred on Monday, May 15th. The stock was purchased at an average price of $46.33 per share, with a total value of $370,640.00. Following the completion of the transaction, the director now owns 8,000 shares in the company, valued at $370,640. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.47% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Israel Discount Bank of New York GFN purchased a new stake in Halliburton Company during the fourth quarter worth about $100,000. Sumitomo Mitsui Financial Group Inc. purchased a new stake in Halliburton Company during the first quarter worth about $100,000. Independent Advisor Alliance purchased a new stake in Halliburton Company during the fourth quarter worth about $101,000. Perigon Wealth Management LLC boosted its stake in Halliburton Company by 0.8% in the first quarter. Perigon Wealth Management LLC now owns 2,049 shares of the oilfield services company’s stock worth $101,000 after buying an additional 17 shares during the last quarter. Finally, Ledyard National Bank boosted its stake in Halliburton Company by 1.1% in the first quarter. Ledyard National Bank now owns 2,319 shares of the oilfield services company’s stock worth $114,000 after buying an additional 25 shares during the last quarter. 79.42% of the stock is owned by hedge funds and other institutional investors.
About Halliburton Company
Halliburton Company provides services and products to the upstream oil and natural gas industry throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the field.
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