Zacks Investment Research upgraded shares of Halliburton Co. (NYSE:HAL) from a hold rating to a buy rating in a research note released on Monday. Zacks Investment Research currently has $55.00 price objective on the oilfield services company’s stock.
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.”
Several other equities analysts also recently commented on the company. Bank of America Corp. restated a buy rating on shares of Halliburton in a research report on Friday, November 18th. Vetr upgraded Halliburton from a sell rating to a hold rating and set a $46.86 price objective on the stock in a research report on Tuesday, October 25th. Societe Generale restated a buy rating and issued a $58.00 price objective on shares of Halliburton in a research report on Sunday, October 23rd. BMO Capital Markets restated an outperform rating and issued a $58.00 price objective (up from $50.00) on shares of Halliburton in a research report on Sunday, October 23rd. Finally, Scotiabank restated a sector perform rating and issued a $57.00 price objective (up from $50.00) on shares of Halliburton in a research report on Saturday, October 22nd. Two investment 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 issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $50.81.
Halliburton (NYSE:HAL) opened at 48.80 on Monday. Halliburton has a 52-week low of $27.64 and a 52-week high of $50.49. The company’s market capitalization is $42.19 billion. The company’s 50-day moving average price is $47.85 and its 200 day moving average price is $44.66.
Halliburton (NYSE:HAL) last announced its quarterly earnings data on Wednesday, October 19th. The oilfield services company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 business had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the previous year, the business earned $0.31 earnings per share. The business’s revenue was down 31.3% on a year-over-year basis. On average, equities analysts expect that Halliburton will post ($0.05) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 28th. Investors of record on Wednesday, December 7th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Monday, December 5th. Halliburton’s dividend payout ratio is presently -10.98%.
In related news, President Jeffrey Allen Miller sold 55,299 shares of the firm’s stock in a transaction dated Wednesday, October 19th. The shares were sold at an average price of $50.00, for a total value of $2,764,950.00. Following the transaction, the president now directly owns 302,261 shares of the company’s stock, valued at approximately $15,113,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James S. Brown sold 28,439 shares of the firm’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 disclosure for this sale can be found here. 0.46% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of HAL. HighPoint Advisor Group LLC bought a new position in shares of Halliburton during the third quarter worth $541,000. Fayez Sarofim & Co. raised its position in shares of Halliburton by 54.9% in the third quarter. Fayez Sarofim & Co. now owns 31,104 shares of the oilfield services company’s stock worth $1,396,000 after buying an additional 11,025 shares in the last quarter. ETRADE Capital Management LLC raised its position in shares of Halliburton by 1.5% in the third quarter. ETRADE Capital Management LLC now owns 56,267 shares of the oilfield services company’s stock worth $2,526,000 after buying an additional 848 shares in the last quarter. D.A. Davidson & CO. raised its position in shares of Halliburton by 61.7% in the third quarter. D.A. Davidson & CO. now owns 27,265 shares of the oilfield services company’s stock worth $1,221,000 after buying an additional 10,408 shares in the last quarter. Finally, Sheets Smith Wealth Management raised its position in shares of Halliburton by 12.1% in the third quarter. Sheets Smith Wealth Management now owns 5,550 shares of the oilfield services company’s stock worth $249,000 after buying an additional 600 shares in the last quarter. 78.27% of the stock is currently owned by hedge funds and other institutional investors.
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.