Convergence Investment Partners LLC Makes New Investment in Halliburton Company $HAL

Key Points

• Convergence Investment Partners opened a new position in Halliburton in the fourth quarter, buying 57,078 shares worth about $1.61 million.
• Institutional interest in HAL remains strong, with hedge funds and other large investors owning 85.23% of the company’s stock, while several firms recently added to their positions.
• Halliburton reported quarterly earnings of $0.55 per share, beating expectations, and analysts remain broadly positive with an average rating of “Moderate Buy” and a price target of $42.45.

Convergence Investment Partners LLC bought a new position in shares of Halliburton Company (NYSE:HAL - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 57,078 shares of the oilfield services company's stock, valued at approximately $1,613,000.

Several other large investors also recently bought and sold shares of the stock. Capital Research Global Investors grew its position in Halliburton by 81.8% during the 3rd quarter. Capital Research Global Investors now owns 91,030,451 shares of the oilfield services company's stock worth $2,239,349,000 after purchasing an additional 40,969,139 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Halliburton by 82,596.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 29,771,388 shares of the oilfield services company's stock worth $841,339,000 after purchasing an additional 29,735,387 shares during the last quarter. Sanders Capital LLC grew its position in Halliburton by 9.4% during the 3rd quarter. Sanders Capital LLC now owns 26,004,682 shares of the oilfield services company's stock worth $639,715,000 after purchasing an additional 2,238,983 shares during the last quarter. Strive Asset Management LLC purchased a new stake in Halliburton during the 3rd quarter worth approximately $418,738,000. Finally, AQR Capital Management LLC grew its position in Halliburton by 85.5% during the 2nd quarter. AQR Capital Management LLC now owns 8,610,870 shares of the oilfield services company's stock worth $175,490,000 after purchasing an additional 3,969,759 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Insider Activity

In related news, Director Tobi M. Young sold 6,125 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $41.72, for a total transaction of $255,535.00. Following the sale, the director directly owned 15,250 shares of the company's stock, valued at approximately $636,230. This represents a 28.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jeffrey Allen Miller sold 158,455 shares of the stock in a transaction on Friday, March 27th. The stock was sold at an average price of $40.00, for a total transaction of $6,338,200.00. Following the sale, the chief executive officer directly owned 1,013,027 shares in the company, valued at $40,521,080. This trade represents a 13.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 222,488 shares of company stock valued at $8,789,305 in the last three months. Corporate insiders own 0.57% of the company's stock.

Analyst Ratings Changes

HAL has been the topic of several recent research reports. Stifel Nicolaus reaffirmed a "buy" rating and issued a $43.00 price objective (up from $36.00) on shares of Halliburton in a report on Wednesday, April 22nd. HSBC upped their price objective on shares of Halliburton from $40.00 to $46.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. UBS Group upped their price objective on shares of Halliburton from $35.00 to $39.00 and gave the company a "neutral" rating in a report on Tuesday, April 7th. Royal Bank Of Canada upped their price objective on shares of Halliburton from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Wednesday, April 22nd. Finally, Susquehanna upped their price objective on shares of Halliburton from $40.00 to $45.00 and gave the company a "positive" rating in a report on Tuesday, April 7th. Eighteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Halliburton presently has an average rating of "Moderate Buy" and an average price target of $42.45.

Halliburton Stock Up 1.0%

HAL stock opened at $41.71 on Friday. The firm's fifty day simple moving average is $38.24 and its 200-day simple moving average is $33.12. The company has a market capitalization of $34.85 billion, a P/E ratio of 22.92, a price-to-earnings-growth ratio of 1.81 and a beta of 0.73. 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 12 month low of $19.38 and a 12 month high of $42.46.

Halliburton (NYSE:HAL - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The oilfield services company reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.05. Halliburton had a net margin of 6.95% and a return on equity of 19.04%. The firm had revenue of $5.40 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the firm posted $0.60 earnings per share. The firm's quarterly revenue was down .3% compared to the same quarter last year. As a group, equities research analysts forecast that Halliburton Company will post 2.32 earnings per share for the current year.

Halliburton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 4th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $0.68 dividend on an annualized basis and a yield of 1.6%. Halliburton's dividend payout ratio is 37.36%.

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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