Bank of Nova Scotia Raises Holdings in Halliburton Company (NYSE:HAL)

Key Points

• Bank of Nova Scotia increased its holdings in Halliburton Company by 88.4% during Q1, now owning 332,261 shares valued at approximately $8.43 million.
• During the last quarter, other investors significantly changed their stakes, with ORG Partners LLC raising its position by an astounding 13,675.2%.
• Halliburton reported a 5.5% decline in revenue year-over-year, generating $5.51 billion and matching the consensus EPS estimate of $0.55 despite a fall from $0.80 in the previous year.

Bank of Nova Scotia grew its position in shares of Halliburton Company (NYSE:HAL - Free Report) by 88.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 332,261 shares of the oilfield services company's stock after buying an additional 155,890 shares during the period. Bank of Nova Scotia's holdings in Halliburton were worth $8,429,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. ORG Partners LLC lifted its position in shares of Halliburton by 13,675.2% during the 1st quarter. ORG Partners LLC now owns 17,219 shares of the oilfield services company's stock valued at $440,000 after buying an additional 17,094 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Halliburton by 33.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 159,533 shares of the oilfield services company's stock valued at $4,047,000 after purchasing an additional 40,109 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in shares of Halliburton during the 4th quarter valued at $7,236,000. Concurrent Investment Advisors LLC raised its stake in shares of Halliburton by 22.9% during the 1st quarter. Concurrent Investment Advisors LLC now owns 128,351 shares of the oilfield services company's stock valued at $3,256,000 after purchasing an additional 23,887 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Halliburton by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 2,780,057 shares of the oilfield services company's stock valued at $70,530,000 after purchasing an additional 67,704 shares during the period. Hedge funds and other institutional investors own 85.23% of the company's stock.

Halliburton Trading Up 0.4%

Shares of HAL stock opened at $21.69 on Tuesday. The company has a quick ratio of 1.47, a current ratio of 2.00 and a debt-to-equity ratio of 0.68. The business has a 50-day moving average price of $21.48 and a two-hundred day moving average price of $22.92. Halliburton Company has a 12-month low of $18.72 and a 12-month high of $32.57. The firm has a market cap of $18.49 billion, a P/E ratio of 10.14, a price-to-earnings-growth ratio of 3.74 and a beta of 1.12.

Halliburton (NYSE:HAL - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The oilfield services company reported $0.55 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.55. The firm had revenue of $5.51 billion during the quarter, compared to analyst estimates of $5.43 billion. Halliburton had a return on equity of 21.45% and a net margin of 8.37%. The company's revenue was down 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 earnings per share. Equities analysts anticipate that Halliburton Company will post 2.64 EPS for the current fiscal year.

Halliburton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Wednesday, June 4th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.1%. The ex-dividend date was Wednesday, June 4th. Halliburton's dividend payout ratio (DPR) is presently 31.78%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Royal Bank Of Canada decreased their price objective on Halliburton from $28.00 to $24.00 and set a "sector perform" rating on the stock in a research note on Wednesday, July 23rd. Stifel Nicolaus decreased their price objective on Halliburton from $31.00 to $29.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. Hsbc Global Res upgraded Halliburton to a "hold" rating in a research note on Wednesday, April 23rd. UBS Group decreased their price objective on Halliburton from $21.00 to $20.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 23rd. Finally, Piper Sandler cut Halliburton from an "overweight" rating to a "neutral" rating and set a $25.00 target price for the company. in a research report on Monday, July 28th. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Halliburton presently has an average rating of "Moderate Buy" and a consensus price target of $31.00.

About Halliburton

Halliburton Company provides products and services to the energy industry worldwide. It operates through two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; and completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, and service tools, as well as liner hanger, sand control, and multilateral systems.

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