SummitTX Capital L.P. Increases Stake in Halliburton Company $HAL

SummitTX Capital L.P. grew its holdings in Halliburton Company (NYSE:HAL) by 73.8% during the 1st quarter, Holdings Channel reports. The fund owned 227,188 shares of the oilfield services company’s stock after buying an additional 96,497 shares during the period. SummitTX Capital L.P.’s holdings in Halliburton were worth $8,858,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Nvest Wealth Strategies Inc. bought a new stake in shares of Halliburton during the 4th quarter valued at $25,000. Zions Bancorporation National Association UT increased its stake in shares of Halliburton by 196.4% in the 4th quarter. Zions Bancorporation National Association UT now owns 981 shares of the oilfield services company’s stock worth $28,000 after purchasing an additional 650 shares in the last quarter. Hoey Investments Inc. bought a new position in Halliburton in the 1st quarter worth $39,000. Kelleher Financial Advisors bought a new position in Halliburton in the 3rd quarter worth $25,000. Finally, Raleigh Capital Management Inc. lifted its position in Halliburton by 6,364.7% during the first quarter. Raleigh Capital Management Inc. now owns 1,099 shares of the oilfield services company’s stock valued at $43,000 after purchasing an additional 1,082 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

HAL has been the subject of several recent research reports. HSBC boosted their price target on Halliburton from $40.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. UBS Group lifted their price objective on Halliburton from $39.00 to $40.00 and gave the company a “neutral” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price objective on Halliburton from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Wall Street Zen lowered shares of Halliburton from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Rothschild & Co Redburn raised their target price on shares of Halliburton from $40.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Halliburton presently has an average rating of “Moderate Buy” and an average price target of $43.14.

Insiders Place Their Bets

In other Halliburton news, CFO Eric Carre sold 24,778 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.89, for a total transaction of $889,282.42. Following the completion of the transaction, the chief financial officer owned 148,520 shares of the company’s stock, valued at $5,330,382.80. This represents a 14.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Tobi M. Young sold 6,125 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $41.72, for a total value of $255,535.00. Following the transaction, the director owned 15,250 shares of the company’s stock, valued at approximately $636,230. The trade was a 28.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 258,255 shares of company stock worth $10,550,535. 0.57% of the stock is owned by corporate insiders.

More Halliburton News

Here are the key news stories impacting Halliburton this week:

• Positive Sentiment: Halliburton reported Q2 revenue of $5.71 billion and EPS of $0.55, both modestly ahead of expectations, reinforcing that core business performance remains solid. Article title
• Positive Sentiment: The company won a new integrated field development contract with Basra Oil Company in Iraq, adding another large international project and expanding its presence in a key oil-producing region. Article title
• Positive Sentiment: Halliburton also secured additional development work in Kuwait, reinforcing the view that recent contract wins are improving its growth outlook and supporting its international business mix. Article title
• Neutral Sentiment: Several commentary pieces pointed to a stronger long-term outlook thanks to Halliburton’s technology edge and global contract pipeline, but also noted that geopolitical risk and uneven execution could limit near-term upside.
• Neutral Sentiment: TD Cowen reportedly lowered expectations for Halliburton, and other firms trimmed price targets, suggesting analysts remain cautious even as the stock benefits from new business wins.
• Negative Sentiment: Analyst target cuts and mixed sentiment may cap enthusiasm if investors worry that recent contract wins are not enough to quickly reaccelerate margins or earnings growth.

Halliburton Stock Down 0.1%

NYSE HAL opened at $33.31 on Monday. Halliburton Company has a 12 month low of $20.39 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 cap of $27.83 billion, a PE ratio of 17.44, a P/E/G ratio of 1.54 and a beta of 0.71. The stock’s 50 day moving average is $36.94 and its 200 day moving average is $36.48.

Halliburton (NYSE:HAL) last released its quarterly earnings data 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. Halliburton had a net margin of 7.16% and a return on equity of 18.71%. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.50 billion. During the same quarter last year, the business posted $0.55 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts predict that Halliburton Company will post 2.35 EPS for the current fiscal year.

Halliburton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 3rd were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Wednesday, June 3rd. Halliburton’s payout ratio is currently 35.60%.

Halliburton 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.