Bank of Nova Scotia Purchases 1,286,095 Shares of Halliburton Company $HAL

Bank of Nova Scotia raised its position in shares of Halliburton Company (NYSE:HAL) by 128.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,284,612 shares of the oilfield services company’s stock after purchasing an additional 1,286,095 shares during the period. Bank of Nova Scotia’s holdings in Halliburton were worth $89,077,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nvest Wealth Strategies Inc. bought a new position in shares of Halliburton during the 4th quarter valued at about $25,000. Zions Bancorporation National Association UT boosted its stake in Halliburton by 196.4% in the fourth quarter. Zions Bancorporation National Association UT now owns 981 shares of the oilfield services company’s stock worth $28,000 after buying an additional 650 shares in the last quarter. Hoey Investments Inc. purchased a new stake in Halliburton in the first quarter worth approximately $39,000. Kelleher Financial Advisors bought a new position in Halliburton during the third quarter valued at approximately $25,000. Finally, Raleigh Capital Management Inc. grew its position in Halliburton by 6,364.7% during the first quarter. Raleigh Capital Management Inc. now owns 1,099 shares of the oilfield services company’s stock valued at $43,000 after acquiring an additional 1,082 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Halliburton Stock Down 1.1%

Shares of NYSE HAL opened at $32.68 on Friday. The firm’s fifty day moving average is $37.11 and its 200 day moving average is $36.47. Halliburton Company has a 52 week low of $20.39 and a 52 week high of $43.59. The company has a quick ratio of 1.54, a current ratio of 2.02 and a debt-to-equity ratio of 0.64. The company has a market cap of $27.30 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 1.52 and a beta of 0.71.

Halliburton (NYSE:HAL) last announced its quarterly earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Halliburton had a net margin of 7.16% and a return on equity of 18.71%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.55 EPS. On average, equities research analysts expect that Halliburton Company will post 2.36 earnings per share for the current year.

Halliburton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Wednesday, June 3rd. Halliburton’s dividend payout ratio is 37.36%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on HAL. Morgan Stanley lowered their price objective on shares of Halliburton from $41.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday. Griffin Securities upgraded shares of Halliburton from a “neutral” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Wednesday, April 22nd. TD Cowen decreased their target price on shares of Halliburton from $48.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday. Wall Street Zen downgraded shares of Halliburton from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 3rd. Finally, Stifel Nicolaus restated a “buy” rating and set a $43.00 price target (up from $36.00) on shares of Halliburton in a research report on Wednesday, April 22nd. Eighteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Halliburton presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.14.

More Halliburton News

Here are the key news stories impacting Halliburton this week:

• Positive Sentiment: Halliburton won a new contract with Basra Oil Company to provide integrated field management, digital solutions, and EPCM services in southern Iraq, adding another large-scale international project to its backlog. Halliburton (HAL) Lands Iraq Field Development Contract With Basra Oil Company
• Positive Sentiment: The company also secured a multi-year agreement with Kuwait Oil Company to support the Ahmadi Innovation Valley, reinforcing Halliburton’s international growth story and technology-led strategy. Halliburton’s Outlook Improves as New Awards Build Momentum After Flat Q2, RBC Says
• Positive Sentiment: Second-quarter results topped expectations, with revenue of $5.71 billion and EPS of $0.55, while international revenue hit a 10-year high and margins expanded, which supports confidence in earnings resilience. Halliburton Tops Estimates as International Demand Strengthens
• Neutral Sentiment: Several brokerages lowered price targets after the earnings release, but most kept bullish ratings, suggesting analysts still see upside despite a more cautious valuation view. These Analysts Cut Their Forecasts On Halliburton Following Q2 Results
• Negative Sentiment: The company’s post-earnings outlook was described as tepid by some coverage, with warnings about a slower Middle East recovery and uneven execution tempering enthusiasm. Halliburton tumbles on tepid revenue forecast, Middle East recovery warning

Insider Activity at Halliburton

In related news, Director Tobi M. Young sold 6,125 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $41.72, for a total value of $255,535.00. Following the sale, the director directly owned 15,250 shares of the company’s stock, valued at $636,230. This trade represents a 28.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Van H. Beckwith sold 198,349 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $41.29, for a total value of $8,189,830.21. Following the transaction, the executive vice president owned 146,186 shares in the company, valued at approximately $6,036,019.94. This represents a 57.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 258,255 shares of company stock valued at $10,550,535 in the last quarter. 0.57% of the stock is currently owned by company insiders.

About Halliburton

Halliburton is one of the world’s largest providers of products and services to the energy industry, offering a broad portfolio that supports the lifecycle of oil and gas reservoirs from exploration and drilling through production and abandonment. Founded in 1919 by Erle P. Halliburton as an oil-well cementing company, the firm is headquartered in Houston, Texas and has developed into an integrated oilfield services company serving upstream operators globally.

The company’s activities encompass drilling and evaluation, well construction and completion, production enhancement and well intervention.