California State Teachers Retirement System Acquires 80,036,032 Shares of Halliburton Company $HAL

Key Points

• California State Teachers Retirement System increased its Halliburton stake by 2,886.3%, acquiring 80.0 million additional shares and bringing its total holdings to 82.8 million shares, or 9.94% of the company.
• Halliburton reported quarterly revenue of $5.71 billion and adjusted earnings of $0.55 per share, topping analyst estimates; revenue rose 3.7% year over year. The company also declared a quarterly dividend of $0.17 per share.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $43.10 price target, compared with the stock’s reported price of $36.09.

California State Teachers Retirement System boosted its holdings in shares of Halliburton Company (NYSE:HAL - Free Report) by 2,886.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 82,808,973 shares of the oilfield services company's stock after acquiring an additional 80,036,032 shares during the quarter. California State Teachers Retirement System owned 9.94% of Halliburton worth $2,811,365,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of HAL. Kelleher Financial Advisors purchased a new stake in shares of Halliburton during the third quarter valued at $25,000. Newbridge Financial Services Group Inc. purchased a new position in Halliburton in the 2nd quarter worth about $25,000. Kilter Group LLC purchased a new position in Halliburton in the 2nd quarter worth about $26,000. Meeder Asset Management Inc. bought a new stake in Halliburton during the 2nd quarter valued at about $26,000. Finally, Silvant Capital Management LLC bought a new stake in Halliburton during the 2nd quarter valued at about $28,000. Institutional investors own 85.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. UBS Group dropped their target price on shares of Halliburton from $40.00 to $39.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. Barclays decreased their price target on shares of Halliburton from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. Morgan Stanley lowered their price target on Halliburton from $41.00 to $40.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Wolfe Research assumed coverage on Halliburton in a research note on Wednesday, July 8th. They issued a "peer perform" rating on the stock. Finally, Wall Street Zen downgraded Halliburton from a "buy" rating to a "hold" rating in a report on Monday, August 31st. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Halliburton currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.10.

Halliburton Trading Down 2.8%

HAL opened at $36.09 on Friday. The firm has a market cap of $30.07 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 2.14 and a beta of 0.76. The company has a current ratio of 2.02, a quick ratio of 1.50 and a debt-to-equity ratio of 0.64. Halliburton Company has a 12 month low of $21.46 and a 12 month high of $43.59. The stock has a fifty day moving average price of $34.34 and a 200-day moving average price of $36.71.

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 for the quarter, beating 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 for the quarter, compared to the consensus estimate of $5.50 billion. During the same quarter last year, the company earned $0.55 earnings per share. The firm's revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Halliburton Company will post 2.34 earnings per share for the current fiscal year.

Halliburton Dividend Announcement

The company also recently declared 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 1.9%. The ex-dividend date is Wednesday, September 2nd. Halliburton's dividend payout ratio (DPR) is currently 35.60%.

Insider Transactions at Halliburton

In related 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 transaction of $889,282.42. Following the completion of the sale, the chief financial officer owned 148,520 shares of the company's stock, valued at $5,330,382.80. This represents a 14.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jeffrey Slocum sold 52,572 shares of the stock in a transaction that occurred on 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 sale, the chief operating officer directly owned 118,730 shares of the company's stock, valued at $4,166,235.70. The trade was a 30.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.57% of the stock is currently owned by company insiders.

Halliburton Profile

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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