CIBC Asset Management Inc Grows Stock Position in Halliburton Company $HAL

Key Points

• CIBC Asset Management increased its Halliburton stake by 80.2% in the fourth quarter, buying 97,083 more shares and bringing its total to 218,174 shares valued at about $6.17 million.
• Halliburton reported better-than-expected quarterly results, posting EPS of $0.55 versus the $0.50 estimate and revenue of $5.40 billion versus $5.37 billion expected, though revenue was slightly down year over year.
• The company also announced a quarterly dividend of $0.17 per share, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $43.27.

CIBC Asset Management Inc boosted its stake in Halliburton Company (NYSE:HAL - Free Report) by 80.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 218,174 shares of the oilfield services company's stock after acquiring an additional 97,083 shares during the quarter. CIBC Asset Management Inc's holdings in Halliburton were worth $6,166,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Nvest Wealth Strategies Inc. acquired a new position in shares of Halliburton in the 4th quarter valued at approximately $25,000. Kelleher Financial Advisors acquired a new stake in shares of Halliburton during the 3rd quarter valued at approximately $25,000. Newbridge Financial Services Group Inc. acquired a new stake in Halliburton in the second quarter worth $25,000. Strive Asset Management LLC acquired a new stake in Halliburton in the third quarter worth $31,000. Finally, Rakuten Securities Inc. increased its position in Halliburton by 547.3% in the second quarter. Rakuten Securities Inc. now owns 1,586 shares of the oilfield services company's stock worth $32,000 after buying an additional 1,341 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

Halliburton Stock Performance

Shares of NYSE HAL opened at $39.12 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.54 and a current ratio of 2.08. The firm has a market cap of $32.68 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 1.69 and a beta of 0.69. The business's 50-day simple moving average is $39.77 and its 200-day simple moving average is $34.55. Halliburton Company has a 52 week low of $20.09 and a 52 week high of $43.59.

Halliburton (NYSE:HAL - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $5.37 billion. Halliburton had a return on equity of 19.04% and a net margin of 6.95%.The firm's revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 EPS. As a group, equities research analysts expect that Halliburton Company will post 2.34 earnings per share for the current fiscal year.

Halliburton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 3rd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.7%. Halliburton's dividend payout ratio (DPR) is 37.36%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Evercore increased their price target on Halliburton from $42.00 to $46.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Capital One Financial raised their target price on Halliburton from $41.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, May 20th. The Goldman Sachs Group upped their target price on Halliburton from $40.00 to $44.00 and gave the company a "buy" rating in a report on Wednesday, March 4th. JPMorgan Chase & Co. upped their target price on Halliburton from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. Finally, Rothschild & Co Redburn increased their price objective on Halliburton from $40.00 to $49.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. Eighteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Halliburton has an average rating of "Moderate Buy" and a consensus target price of $43.27.

Insider Transactions at Halliburton

In other news, VP Timothy Mckeon sold 8,655 shares of Halliburton stock in a transaction that occurred 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 sale, the vice president owned 72,976 shares of the company's stock, valued at approximately $3,064,992. This trade represents a 10.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Tobi M. Young sold 6,125 shares of Halliburton stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $41.72, for a total value of $255,535.00. Following the sale, the director directly owned 15,250 shares in the company, valued at $636,230. The trade was a 28.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 416,991 shares of company stock worth $16,846,948. 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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