Zacks Investment Research upgraded shares of Halliburton Co. (NYSE:HAL) from a hold rating to a buy rating in a report published on Wednesday. Zacks Investment Research currently has $52.00 target price on the oilfield services company’s stock.
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 reports. Societe Generale downgraded shares of Halliburton from a buy rating to a hold rating and increased their target price for the company from $46.00 to $50.00 in a research report on Monday, July 18th. Vetr downgraded shares of Halliburton from a strong-buy rating to a buy rating and set a $50.00 target price on the stock. in a research report on Thursday, June 30th. Howard Weil increased their target price on shares of Halliburton from $37.00 to $45.00 and gave the company a sector perform rating in a research report on Wednesday, June 15th. Nomura reaffirmed a buy rating and issued a $53.00 target price on shares of Halliburton in a research report on Thursday, July 21st. Finally, Goldman Sachs Group Inc. reaffirmed a buy rating and issued a $46.00 target price on shares of Halliburton in a research report on Wednesday, June 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the company. Halliburton currently has an average rating of Buy and a consensus target price of $47.17.
Shares of Halliburton (NYSE:HAL) traded down 1.5334% on Wednesday, hitting $46.2399. 2,719,501 shares of the company were exchanged. The stock’s market capitalization is $39.82 billion. Halliburton has a 52-week low of $27.64 and a 52-week high of $47.64. The firm’s 50-day moving average is $43.58 and its 200-day moving average is $42.41.
Halliburton (NYSE:HAL) last posted its earnings results on Wednesday, July 20th. The oilfield services company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.19) by $0.05. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.76 billion. Halliburton had a negative net margin of 30.50% and a positive return on equity of 3.55%. The company’s revenue was down 35.2% on a year-over-year basis. During the same period last year, the firm posted $0.44 EPS. Equities research analysts predict that Halliburton will post ($0.18) earnings per share for the current year.
In other news, insider James S. Brown sold 28,439 shares of the company’s stock in a transaction dated Monday, October 10th. The shares were sold at an average price of $47.00, for a total transaction of $1,336,633.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.46% of the company’s stock.
A number of institutional investors have recently made changes to their positions in HAL. AMP Capital Investors Ltd raised its position in shares of Halliburton by 4.7% in the first quarter. AMP Capital Investors Ltd now owns 250,079 shares of the oilfield services company’s stock worth $9,007,000 after buying an additional 11,116 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Halliburton by 1.7% in the first quarter. Geode Capital Management LLC now owns 7,023,445 shares of the oilfield services company’s stock worth $250,374,000 after buying an additional 119,543 shares in the last quarter. Loomis Sayles & Co. L P raised its position in shares of Halliburton by 12.2% in the first quarter. Loomis Sayles & Co. L P now owns 2,031,603 shares of the oilfield services company’s stock worth $72,569,000 after buying an additional 221,524 shares in the last quarter. BP Capital Fund Advisors LLC raised its position in shares of Halliburton by 2.4% in the first quarter. BP Capital Fund Advisors LLC now owns 150,044 shares of the oilfield services company’s stock worth $5,360,000 after buying an additional 3,507 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in shares of Halliburton by 8.6% in the first quarter. UBS Asset Management Americas Inc. now owns 4,140,660 shares of the oilfield services company’s stock worth $147,904,000 after buying an additional 328,881 shares in the last quarter. Hedge funds and other institutional investors own 79.64% of the company’s stock.
Halliburton Company Profile
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.