Wall Street Zen Downgrades Halliburton (NYSE:HAL) to Hold

Halliburton (NYSE:HAL) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Monday, Wall Street Zen reports.

HAL has been the subject of several other reports. Morgan Stanley lowered their price target on shares of Halliburton from $41.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. Argus cut their price objective on Halliburton from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Evercore restated an “outperform” rating and set a $43.00 price objective on shares of Halliburton in a research report on Wednesday, July 22nd. TD Cowen reduced their price objective on Halliburton from $48.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Finally, Barclays lowered their target price on Halliburton from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. Eighteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.10.

Halliburton Price Performance

HAL stock opened at $36.85 on Monday. The firm has a 50-day moving average price of $33.88 and a 200-day moving average price of $36.58. Halliburton has a 12 month low of $21.40 and a 12 month high of $43.59. The company has a current ratio of 2.02, a quick ratio of 1.50 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $30.70 billion, a P/E ratio of 19.29, a price-to-earnings-growth ratio of 2.31 and a beta of 0.76.

Halliburton (NYSE:HAL) last announced its quarterly earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.01. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.50 billion. Halliburton had a net margin of 7.16% and a return on equity of 18.71%. The firm’s revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.55 EPS. As a group, equities research analysts anticipate that Halliburton will post 2.34 EPS for the current fiscal year.

Insider Buying and Selling at Halliburton

In other news, COO Jeffrey Shannon Slocum sold 52,572 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $35.09, for a total value of $1,844,751.48. Following the completion of the sale, the chief operating officer owned 118,730 shares of the company’s stock, valued at approximately $4,166,235.70. This represents a 30.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Carre sold 24,778 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.89, for a total value of $889,282.42. Following the transaction, the chief financial officer owned 148,520 shares of the company’s stock, valued at $5,330,382.80. This trade represents a 14.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Halliburton

A number of institutional investors have recently modified their holdings of the company. Kelleher Financial Advisors bought a new stake in Halliburton during the 3rd quarter valued at $25,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Halliburton in the second quarter worth approximately $25,000. Kilter Group LLC purchased a new stake in shares of Halliburton in the second quarter worth approximately $26,000. Meeder Asset Management Inc. bought a new position in shares of Halliburton in the second quarter valued at approximately $26,000. Finally, Silvant Capital Management LLC purchased a new position in shares of Halliburton during the second quarter valued at approximately $28,000. 85.23% of the stock is owned by institutional investors.

More Halliburton News

Here are the key news stories impacting Halliburton this week:

• Positive Sentiment: Potential Venezuela expansion: Halliburton is reportedly nearing a billion-dollar oil-services opportunity tied to a U.S.-backed effort to rebuild Venezuela’s production infrastructure. The company could benefit from drilling, well-cementing, reservoir evaluation and other services as Chevron and other producers invest in restoring aging fields. Chevron and Halliburton Near Billion-Dollar Venezuela Oil Deals
• Positive Sentiment: Historic U.S.-Venezuela oil agreement: Reports that Washington and Caracas have reached an oil deal are reinforcing expectations for long-term capital spending in Venezuela. As a major oilfield-services provider, HAL may act as a “picks-and-shovels” beneficiary if international producers receive access to reserves and begin upgrading infrastructure. Energy ETFs to Watch as US-Venezuela Sign Historic Oil Deal
• Positive Sentiment: Higher oil prices and geopolitical risk: Energy stocks moved higher as Middle East tensions and reported U.S. strikes supported crude prices. Sustained oil prices could encourage customers to increase exploration and production budgets, improving demand for Halliburton’s services. Chevron, Exxon and Other Oil Stocks Jump as Two Huge Energy Stories Collide
• Positive Sentiment: New-energy diversification: Halliburton has been selected for work on the Cornwall lithium project, highlighting an opportunity to apply its subsurface and well-construction expertise outside traditional oil and gas. The project is strategically interesting, though its near-term earnings impact is uncertain. Cornwall lithium project brings in American oil service titan Halliburton
• Neutral Sentiment: Analyst caution: Wall Street Zen downgraded HAL to “Hold,” suggesting valuation and cyclical oilfield-services risks may already be reflected in the stock. The downgrade was offset by the firm oil-market backdrop, leaving shares broadly steady in the referenced coverage. Halliburton Cut to Hold at Wall Street Zen
• Negative Sentiment: Macro risks: Rising oil prices tied to Middle East conflict could also increase inflation and interest-rate concerns, potentially pressuring broad equity valuations and slowing customer spending if the economic outlook deteriorates. Tesla, PG&E, Nvidia, SLB, Pinterest, and More Stocks That Explain Today’s Market

Halliburton Company Profile

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.