California Public Employees Retirement System Raises Position in Halliburton Company $HAL

Key Points

• California Public Employees Retirement System increased its Halliburton stake by 18.2% in Q1, buying 337,213 additional shares and bringing its total to 2.19 million shares worth about $85.3 million.
• Several other institutional investors also added to positions in HAL, while institutions overall continue to own a large majority of the stock at 85.23%.
• Halliburton reported quarterly EPS of $0.55, topping estimates, and recently paid a $0.17 quarterly dividend that works out to a 1.9% annual yield.

California Public Employees Retirement System boosted its holdings in shares of Halliburton Company (NYSE:HAL - Free Report) by 18.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,188,469 shares of the oilfield services company's stock after buying an additional 337,213 shares during the period. California Public Employees Retirement System owned approximately 0.26% of Halliburton worth $85,328,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in HAL. Assetmark Inc. increased its stake in Halliburton by 9.9% in the 1st quarter. Assetmark Inc. now owns 65,104 shares of the oilfield services company's stock worth $2,538,000 after acquiring an additional 5,869 shares during the last quarter. Angeles Wealth Management LLC boosted its position in shares of Halliburton by 12.1% during the 1st quarter. Angeles Wealth Management LLC now owns 12,976 shares of the oilfield services company's stock valued at $506,000 after acquiring an additional 1,396 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. purchased a new position in shares of Halliburton during the first quarter worth about $443,000. Bessemer Group Inc. grew its holdings in shares of Halliburton by 13.6% during the first quarter. Bessemer Group Inc. now owns 29,937 shares of the oilfield services company's stock worth $1,168,000 after purchasing an additional 3,574 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Halliburton by 5.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 57,010 shares of the oilfield services company's stock worth $2,166,000 after purchasing an additional 2,894 shares during the last quarter. Institutional investors own 85.23% of the company's stock.

Insider Activity at Halliburton

In related news, CFO Eric Carre sold 24,778 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.89, for a total transaction of $889,282.42. Following the transaction, the chief financial officer owned 148,520 shares of the company's stock, valued at approximately $5,330,382.80. This trade represents a 14.30% decrease in their position. The transaction 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. Also, VP Timothy Mckeon sold 8,655 shares of Halliburton stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $42.00, for a total transaction of $363,510.00. Following the completion of the transaction, the vice president owned 72,976 shares in the company, valued at approximately $3,064,992. The trade was a 10.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 258,255 shares of company stock worth $10,550,535 in the last 90 days. Corporate insiders own 0.57% of the company's stock.

Halliburton Stock Performance

NYSE:HAL opened at $35.24 on Monday. The company has a market capitalization of $29.44 billion, a price-to-earnings ratio of 19.37, a PEG ratio of 1.63 and a beta of 0.71. The business has a 50 day moving average of $37.71 and a 200 day moving average of $36.34. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.08 and a quick ratio of 1.54. Halliburton Company has a 1-year low of $20.17 and a 1-year high of $43.59.

Halliburton (NYSE:HAL - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The oilfield services company reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.05. The business had revenue of $5.40 billion for the quarter, compared to analysts' expectations of $5.37 billion. Halliburton had a net margin of 6.95% and a return on equity of 19.04%. The business's quarterly revenue was down .3% on a year-over-year basis. During the same period last year, the business earned $0.60 earnings per share. On average, sell-side analysts predict that Halliburton Company will post 2.36 earnings per share for the current fiscal year.

Halliburton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 3rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.9%. Halliburton's dividend payout ratio is 37.36%.

Halliburton News Summary

Here are the key news stories impacting Halliburton this week:

• Positive Sentiment: Halliburton won multiple multi-year Saudi Aramco contracts, including work tied to the Jafurah gas project and a 285-well campaign, expanding its footprint in a key growth market. Halliburton Lands Aramco Deal for Saudi Arabia's Jafurah Gas Project
• Positive Sentiment: Offshore and industry coverage pointed to Halliburton “reaping rewards” from Aramco-led awards, reinforcing expectations for stronger international activity and backlog growth. Deals of the week: Halliburton reaps rewards as Aramco leads the prizegiving
• Positive Sentiment: Analysts also highlighted Halliburton’s deepwater momentum, suggesting continued strength in activity trends beyond Saudi Arabia. Halliburton NYSE: HAL Gains on Deepwater Momentum
• Neutral Sentiment: Halliburton is nearing its Q2 earnings report, with investors watching for signs that stronger completion and drilling activity offset Middle East disruptions and higher costs. Halliburton Set to Report Q2 Earnings: Key Things To Watch
• Neutral Sentiment: Coverage from MarketWatch and other outlets largely reiterated the Aramco contract news, which keeps the market focused on backlog and project execution rather than a new catalyst. Halliburton Gets Aramco Contracts for Saudi Oil Wells

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HAL. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Halliburton in a research note on Wednesday, July 8th. HSBC boosted their price target on shares of Halliburton from $40.00 to $46.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Rothschild & Co Redburn increased their price target on shares of Halliburton from $40.00 to $49.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Capital One Financial raised their price objective on shares of Halliburton from $41.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, May 20th. Finally, Barclays raised shares of Halliburton from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $37.00 to $55.00 in a report on Thursday, May 7th. Nineteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $43.27.

Halliburton Company 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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