Halliburton (NYSE:HAL) Given New $42.00 Price Target at Piper Sandler

Halliburton (NYSE:HAL) had its price objective cut by equities researchers at Piper Sandler from $43.00 to $42.00 in a report released on Monday, Benzinga reports. The firm currently has an “overweight” rating on the oilfield services company’s stock. Piper Sandler’s price objective would suggest a potential upside of 25.57% from the company’s previous close.

Several other research firms have also issued reports on HAL. TD Cowen dropped their price objective on Halliburton from $48.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Evercore restated an “outperform” rating and issued a $43.00 target price on shares of Halliburton in a research note on Wednesday, July 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Halliburton in a research note on Friday, October 2nd. Argus lowered their price target on Halliburton from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Finally, Freedom Capital upgraded Halliburton from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 22nd. Seventeen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.05.

Halliburton Stock Performance

NYSE HAL opened at $33.45 on Monday. Halliburton has a 1 year low of $21.50 and a 1 year high of $43.59. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.02 and a quick ratio of 1.50. The stock has a market capitalization of $27.87 billion, a PE ratio of 17.51, a P/E/G ratio of 1.93 and a beta of 0.83. The company’s 50 day simple moving average is $34.22 and its two-hundred day simple moving average is $36.15.

Halliburton (NYSE:HAL) last released its quarterly earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. The firm had revenue of $5.71 billion during 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 business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.55 EPS. Analysts predict that Halliburton will post 2.34 earnings per share for the current fiscal year.

Insider Transactions at Halliburton

In other Halliburton news, COO Jeffrey Slocum sold 52,572 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $35.09, for a total transaction of $1,844,751.48. Following the transaction, the chief operating officer directly owned 118,730 shares in the company, valued at $4,166,235.70. This trade represents a 30.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Halliburton

A number of institutional investors have recently made changes to their positions in HAL. V Square Quantitative Management LLC boosted its position in Halliburton by 11.0% during the third quarter. V Square Quantitative Management LLC now owns 25,165 shares of the oilfield services company’s stock valued at $800,000 after buying an additional 2,496 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Halliburton by 15.1% during the second quarter. QRG Capital Management Inc. now owns 15,544 shares of the oilfield services company’s stock valued at $528,000 after purchasing an additional 2,037 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Halliburton by 12.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,289 shares of the oilfield services company’s stock valued at $315,000 after purchasing an additional 1,063 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Halliburton by 18.1% in the second quarter. Envestnet Asset Management Inc. now owns 961,660 shares of the oilfield services company’s stock worth $32,648,000 after purchasing an additional 147,329 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Halliburton by 4.5% in the second quarter. State Street Corp now owns 56,870,444 shares of the oilfield services company’s stock worth $1,930,752,000 after purchasing an additional 2,463,137 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

About Halliburton

Halliburton Company (NYSE: HAL) is a global provider of products and services for the energy industry. The company supports the exploration, development, and production of oil and natural gas through technologies and services used throughout the life cycle of a well.

Halliburton operates through two primary business segments: Completion and Production, and Drilling and Evaluation. Its offerings include cementing, stimulation, well completion, production enhancement, drilling services, drilling fluids, well testing, wireline and perforating services, formation evaluation, and project management.