Halliburton (NYSE:HAL) Price Target Cut to $42.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler lowered Halliburton’s price target from $43 to $42 while maintaining an “overweight” rating, implying approximately 25.6% upside from the stock’s $33.45 price.
• Analyst sentiment remains broadly positive: Halliburton has 17 Buy, six Hold, and one Sell rating, with a consensus rating of “Moderate Buy” and an average price target of $44.05.
• Halliburton beat quarterly expectations, reporting $0.55 in EPS versus $0.54 expected and $5.71 billion in revenue versus $5.50 billion projected; revenue increased 3.7% year over year.

Halliburton (NYSE:HAL - Get Free Report) had its target price reduced by research analysts at Piper Sandler from $43.00 to $42.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the oilfield services company's stock. Piper Sandler's price target indicates a potential upside of 25.57% from the company's current price.

Other analysts have also recently issued research reports about the stock. Barclays decreased their target price on shares of Halliburton from $55.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Wall Street Zen cut Halliburton from a "buy" rating to a "hold" rating in a research note on Saturday, October 3rd. Weiss Ratings reissued a "hold (c)" rating on shares of Halliburton in a report on Friday, October 2nd. Susquehanna reduced their price objective on Halliburton from $45.00 to $42.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Finally, TD Cowen lowered their target price on Halliburton from $48.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, July 22nd. Seventeen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $44.05.

Halliburton Stock Down 0.2%

Shares of HAL opened at $33.45 on Monday. The firm has a market cap of $27.87 billion, a P/E ratio of 17.51, a price-to-earnings-growth ratio of 1.93 and a beta of 0.83. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.50 and a current ratio of 2.02. Halliburton has a 52 week low of $21.50 and a 52 week high of $43.59. The firm's 50-day simple moving average is $34.22 and its 200 day simple moving average is $36.15.

Halliburton (NYSE:HAL - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.01. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $0.55 earnings per share. On average, analysts forecast that Halliburton will post 2.34 earnings per share for the current year.

Insider Buying and Selling at Halliburton

In other news, COO Jeffrey Slocum sold 52,572 shares of the stock in a transaction dated 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 owned 118,730 shares of the company's stock, valued at $4,166,235.70. This represents a 30.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.57% of the company's stock.

Institutional Investors Weigh In On Halliburton

A number of hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new stake in Halliburton during the 2nd quarter worth about $26,000. Kilter Group LLC bought a new position in Halliburton in the 2nd quarter worth about $26,000. Silvant Capital Management LLC bought a new position in Halliburton in the 2nd quarter worth about $28,000. Matrix Trust Co purchased a new position in Halliburton during the 2nd quarter valued at about $29,000. Finally, MV Capital Management Inc. purchased a new position in Halliburton during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 85.23% of the company's stock.

Halliburton Company Profile

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.

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