Halliburton (NYSE:HAL) Price Target Cut to $37.00 by Analysts at UBS Group

Halliburton (NYSE:HAL) had its target price decreased by equities researchers at UBS Group from $41.00 to $37.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the oilfield services company’s stock. UBS Group’s price objective suggests a potential upside of 27.37% from the company’s previous close.

Other research analysts have also issued reports about the company. Royal Bank of Canada lowered Halliburton from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $44.00 to $37.00 in a research note on Friday, September 13th. Benchmark reiterated a “buy” rating and issued a $42.00 price target on shares of Halliburton in a research report on Monday, July 22nd. Barclays lowered their price target on Halliburton from $54.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 23rd. Piper Sandler lowered their price target on Halliburton from $46.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Finally, The Goldman Sachs Group lowered their price target on Halliburton from $47.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Three research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $43.06.

Halliburton Stock Performance

Shares of NYSE HAL traded down $0.25 during trading hours on Wednesday, reaching $29.05. The stock had a trading volume of 989,917 shares, compared to its average volume of 7,572,854. The business’s fifty day moving average is $31.73 and its two-hundred day moving average is $34.96. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.13 and a quick ratio of 1.54. The company has a market cap of $25.72 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 0.95 and a beta of 1.89. Halliburton has a twelve month low of $27.52 and a twelve month high of $43.85.

Halliburton (NYSE:HAL) last issued its earnings results on Friday, July 19th. The oilfield services company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. The business had revenue of $5.83 billion during the quarter, compared to analyst estimates of $5.95 billion. Halliburton had a return on equity of 29.97% and a net margin of 11.61%. Halliburton’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company posted $0.77 earnings per share. As a group, research analysts expect that Halliburton will post 3.14 EPS for the current year.

Insider Buying and Selling at Halliburton

In other Halliburton news, EVP Van H. Beckwith sold 10,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $36.75, for a total value of $367,500.00. Following the transaction, the executive vice president now owns 273,908 shares of the company’s stock, valued at $10,066,119. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Halliburton

A number of hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC acquired a new stake in shares of Halliburton during the second quarter worth about $2,257,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Halliburton during the second quarter worth about $521,000. Truist Financial Corp raised its position in shares of Halliburton by 20.9% during the second quarter. Truist Financial Corp now owns 1,490,642 shares of the oilfield services company’s stock worth $50,354,000 after purchasing an additional 257,403 shares during the period. Brandes Investment Partners LP raised its position in shares of Halliburton by 15.1% during the second quarter. Brandes Investment Partners LP now owns 4,279,478 shares of the oilfield services company’s stock worth $144,516,000 after purchasing an additional 560,325 shares during the period. Finally, Quarry LP acquired a new stake in shares of Halliburton during the second quarter worth about $184,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

About Halliburton

Halliburton Company provides products and services to the energy industry worldwide. It operates through two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; and completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, and service tools, as well as liner hanger, sand control, and multilateral systems.