Black Cypress Capital Management LLC Invests $5.53 Million in Halliburton Company $HAL

Key Points

• Black Cypress Capital Management initiated a $5.53 million Halliburton stake, purchasing 162,973 shares during the second quarter. Halliburton now represents about 3.7% of the firm’s portfolio, while institutional investors collectively own 85.23% of the stock.
• Halliburton reported quarterly revenue of $5.71 billion and adjusted earnings of $0.55 per share, narrowly beating analyst expectations; revenue increased 3.7% year over year. The company also maintains a quarterly dividend of $0.17 per share, representing a 2.0% yield.
• Analyst sentiment remains generally positive, with 18 Buy, six Hold and one Sell rating and an average price target of $43.10 versus the stock’s reported price of $34.77. However, several analysts recently lowered their price targets, and Halliburton’s CFO sold shares under a pre-arranged trading plan.

Black Cypress Capital Management LLC purchased a new stake in shares of Halliburton Company (NYSE:HAL - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 162,973 shares of the oilfield services company's stock, valued at approximately $5,533,000. Halliburton comprises approximately 3.7% of Black Cypress Capital Management LLC's holdings, making the stock its 11th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new stake in shares of Halliburton in the 2nd quarter worth $26,000. Matrix Trust Co purchased a new position in shares of Halliburton in the second quarter worth $29,000. Nvest Wealth Strategies Inc. bought a new position in shares of Halliburton during the fourth quarter valued at $25,000. Zions Bancorporation National Association UT lifted its holdings in shares of Halliburton by 196.4% during the fourth quarter. Zions Bancorporation National Association UT now owns 981 shares of the oilfield services company's stock valued at $28,000 after purchasing an additional 650 shares in the last quarter. Finally, Hoey Investments Inc. purchased a new stake in shares of Halliburton during the first quarter valued at $39,000. Institutional investors own 85.23% of the company's stock.

Halliburton Trading Up 0.1%

Halliburton stock opened at $34.77 on Wednesday. The business has a 50-day simple moving average of $34.21 and a two-hundred day simple moving average of $36.48. The company has a market cap of $28.97 billion, a P/E ratio of 18.20, a P/E/G ratio of 2.15 and a beta of 0.73. Halliburton Company has a 52-week low of $20.78 and a 52-week 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.

Halliburton (NYSE:HAL - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.54 by $0.01. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the firm earned $0.55 EPS. Analysts predict that Halliburton Company will post 2.34 EPS for the current year.

Halliburton Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Royal Bank Of Canada lifted their price objective on Halliburton from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. UBS Group dropped their price target on shares of Halliburton from $40.00 to $39.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. Susquehanna reduced their price target on shares of Halliburton from $45.00 to $42.00 and set a "positive" rating for the company in a research note on Wednesday, July 8th. Wall Street Zen cut shares of Halliburton from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Morgan Stanley lowered their price objective on shares of Halliburton from $41.00 to $40.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 22nd. Eighteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $43.10.

Insiders Place Their Bets

In other Halliburton news, CFO Eric Carre sold 24,778 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.89, for a total value of $889,282.42. Following the transaction, the chief financial officer directly owned 148,520 shares in the company, valued at approximately $5,330,382.80. This trade represents a 14.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.57% of the company's stock.

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.

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