Equities researchers at Argus have raised their target price for Halliburton (NYSE: HAL) from $31.00 to $39.00, indicating a potential upside of 14.80% based on the stock’s previous close. The firm maintains a “buy” rating for the oilfield services company, emphasizing a positive outlook on Halliburton’s performance.
Several other financial institutions have also recently released updates regarding Halliburton. On October 14, 2023, Bank of America increased its price objective for shares from $24.00 to $26.00, while maintaining a “buy” rating. Conversely, Zephirin Group downgraded Halliburton from a “buy” to a “hold” rating, lowering their target price from $30.00 to $28.00. Additionally, Piper Sandler increased their target from $29.00 to $30.00, assigning a “neutral” rating. Rothschild & Co Redburn initiated coverage with a “buy” rating and a target price of $35.00, and Evercore ISI raised their target from $35.00 to $36.00 with an “in-line” rating.
Currently, Halliburton has received ratings from analysts with two indicating a “Strong Buy,” fourteen giving a “Buy,” and eight assigning a “Hold” rating. According to MarketBeat, the average rating for the stock is classified as a “Moderate Buy,” with a consensus target price of $34.57.
Recent Stock Performance and Earnings
On January 21, 2024, Halliburton reported its earnings, showcasing an earnings per share (EPS) of $0.69, surpassing analysts’ expectations of $0.54 by $0.15. The company generated revenue of $5.66 billion, exceeding the forecast of $5.39 billion. Halliburton’s net margin stood at 5.78%, with a return on equity of 19.77%. Compared to the same quarter last year, revenue saw an increase of 0.8%, although the prior year’s EPS was $0.73.
Shares of Halliburton opened at $33.97 on Friday, reflecting a 0.8% increase. The stock has fluctuated between a 12-month low of $18.72 and a high of $35.55. With a market capitalization of $28.59 billion, Halliburton maintains a price-to-earnings (P/E) ratio of 22.50 and a beta of 0.78.
Insider Transactions and Institutional Investments
In insider trading news, Mark Richard sold 160,000 shares on November 12, 2023, at an average price of $27.77, totaling approximately $4.44 million. Following this transaction, Richard still owns 452,374 shares, valued at around $12.56 million. Similarly, EVP Lawrence J. Pope sold 100,000 shares on January 5, 2024, at an average price of $32.25, amounting to $3.23 million. Insiders have sold a total of 268,854 shares worth $7.92 million over the last 90 days, and insiders currently hold 0.56% of Halliburton’s stock.
In terms of institutional investments, several large investors have recently adjusted their positions in Halliburton. Capital Research Global Investors increased its holdings by 81.8% in the third quarter, now owning 91,030,451 shares valued at $2.24 billion. Strive Asset Management LLC and Holocene Advisors LP also acquired significant stakes during the same period, valued at $418.74 million and $147.32 million, respectively. Overall, institutional investors control 85.23% of Halliburton’s stock.
As Halliburton continues to navigate the complexities of the energy market, analysts remain divided, reflecting both optimism and caution. The company’s strategic initiatives and recent performance reports suggest a dynamic landscape ahead for investors.
