Halliburton Co. (NYSE:HAL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $55.00 target price on the oilfield services company’s stock. Zacks Investment Research’s target price suggests a potential upside of 11.09% from the company’s current price.
According to Zacks, “Halliburton's stock performance has been pretty exciting lately. Shares are at fresh highs these days, and the stock has recovered nicely from its rough start to 2016 when oil prices fell to a 12-year low. Boasting of an impressive earnings history, Halliburton has used the challenges prevailing in the sector to its advantage, mainly by offering low cost solutions that aids producers in churning out more by investing less. With industry observers hopeful about an OPEC deal and the subsequent advancement of oil, producers are likely to revive spending on drilling activities that would spur rig count even higher. This, in turn, will result in improved demand for oilfield equipments. Consequently, we think Halliburton offers upside potential from current levels and label it as an attractive investment.”
A number of other research firms have also weighed in on HAL. Vetr raised Halliburton from a “hold” rating to a “buy” rating and set a $42.96 target price on the stock in a report on Tuesday, September 13th. Citigroup Inc. boosted their target price on Halliburton from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 11th. FBR & Co boosted their target price on Halliburton from $53.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday, October 14th. Societe Generale raised Halliburton from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Monday, October 3rd. Finally, Jefferies Group reissued a “buy” rating on shares of Halliburton in a report on Tuesday, August 30th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $50.81.
Halliburton (NYSE:HAL) opened at 49.51 on Monday. Halliburton has a one year low of $27.64 and a one year high of $50.49. The firm’s 50 day moving average price is $47.78 and its 200-day moving average price is $44.52. The company’s market capitalization is $42.80 billion.
Halliburton (NYSE:HAL) last announced its quarterly earnings data on Wednesday, October 19th. The oilfield services company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.08. Halliburton had a positive return on equity of 1.82% and a negative net margin of 33.29%. The company had revenue of $3.83 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the prior year, the business posted $0.31 EPS. The business’s revenue was down 31.3% compared to the same quarter last year. Equities analysts forecast that Halliburton will post ($0.05) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 28th. Investors of record on Wednesday, December 7th will be issued a dividend of $0.18 per share. The ex-dividend date is Monday, December 5th. This represents a $0.72 dividend on an annualized basis and a yield of 1.45%. Halliburton’s dividend payout ratio (DPR) is currently -10.98%.
In related news, Chairman David J. Lesar sold 10,000 shares of Halliburton stock in a transaction on Wednesday, October 19th. The stock was sold at an average price of $49.99, for a total transaction of $499,900.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Joe D. Rainey sold 23,162 shares of Halliburton stock in a transaction on Monday, November 21st. The stock was sold at an average price of $50.23, for a total value of $1,163,427.26. Following the sale, the insider now owns 185,819 shares in the company, valued at $9,333,688.37. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Johnson Financial Group Inc. raised its stake in shares of Halliburton by 51.3% in the second quarter. Johnson Financial Group Inc. now owns 2,277 shares of the oilfield services company’s stock valued at $103,000 after buying an additional 772 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Halliburton by 17.5% in the second quarter. Quadrant Capital Group LLC now owns 2,542 shares of the oilfield services company’s stock valued at $104,000 after buying an additional 379 shares during the last quarter. Manchester Capital Management LLC raised its stake in shares of Halliburton by 0.4% in the second quarter. Manchester Capital Management LLC now owns 2,354 shares of the oilfield services company’s stock valued at $107,000 after buying an additional 9 shares during the last quarter. IndexIQ Advisors LLC raised its stake in shares of Halliburton by 114.4% in the third quarter. IndexIQ Advisors LLC now owns 2,388 shares of the oilfield services company’s stock valued at $107,000 after buying an additional 1,274 shares during the last quarter. Finally, FTB Advisors Inc. raised its stake in shares of Halliburton by 31.5% in the third quarter. FTB Advisors Inc. now owns 2,430 shares of the oilfield services company’s stock valued at $116,000 after buying an additional 582 shares during the last quarter. Institutional investors and hedge funds own 78.27% 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.