Bank of America Corp DE Takes Position in Halliburton Company $HAL

Bank of America Corp DE acquired a new position in shares of Halliburton Company (NYSE:HAL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,786,273 shares of the oilfield services company's stock, valued at approximately $196,444,000. Bank of America Corp DE owned approximately 0.69% of Halliburton as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in HAL. Birmingham Capital Management Co. Inc. AL purchased a new stake in Halliburton in the 2nd quarter worth approximately $688,000. Freestone Grove Partners LP bought a new position in Halliburton in the 2nd quarter valued at $41,659,000. Caisse de depot et placement du Quebec purchased a new position in shares of Halliburton during the 2nd quarter valued at $194,675,000. Gallagher Fiduciary Advisors LLC purchased a new position in shares of Halliburton during the 2nd quarter valued at $275,000. Finally, Man Group plc bought a new position in shares of Halliburton in the second quarter worth $18,843,000. Institutional investors own 85.23% of the company's stock.

Halliburton Trading Down 1.6%

Shares of HAL stock opened at $33.98 on Friday. The business has a 50-day moving average price of $34.46 and a two-hundred day moving average price of $36.69. Halliburton Company has a 12-month low of $21.46 and a 12-month high of $43.59. The company has a quick ratio of 1.50, a current ratio of 2.02 and a debt-to-equity ratio of 0.64. The firm has a market cap of $28.31 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 1.99 and a beta of 0.76.

Halliburton (NYSE:HAL - Get Free Report) last released its earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.01. Halliburton had a return on equity of 18.71% and a net margin of 7.16%.The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same quarter in the previous year, the company posted $0.55 EPS. Halliburton's quarterly revenue was up 3.7% compared to the same quarter last year. Equities analysts anticipate that Halliburton Company will post 2.34 EPS for the current fiscal year.

Halliburton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 2nd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Wednesday, September 2nd. Halliburton's payout ratio is presently 35.60%.

Insider Activity

In other news, COO Jeffrey Slocum sold 52,572 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $35.09, for a total value of $1,844,751.48. Following the completion of the sale, the chief operating officer owned 118,730 shares of the company's stock, valued at approximately $4,166,235.70. This represents a 30.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on HAL shares. Piper Sandler raised Halliburton from a "neutral" rating to an "overweight" rating and raised their price target for the company from $40.00 to $43.00 in a report on Tuesday, July 14th. Morgan Stanley cut their price objective on Halliburton from $41.00 to $40.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Argus decreased their price objective on shares of Halliburton from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. TD Cowen lowered their target price on shares of Halliburton from $48.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Finally, Evercore reiterated an "outperform" rating and set a $43.00 target price on shares of Halliburton in a research report on Wednesday, July 22nd. Eighteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $43.24.

About Halliburton

Halliburton Company NYSE: HAL is a global provider of products and services for the energy industry. The company supports oil and natural gas exploration, development and production across the life cycle of a well, serving both independent and national oil companies.

Halliburton operates through two principal business segments: Completion and Production, which provides cementing, stimulation, intervention and completion services; and Drilling and Evaluation, which offers drilling services, formation evaluation, well construction, project management and related technologies.

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