Fifth Third Bancorp Acquires 148,132 Shares of Halliburton Company $HAL

Key Points

• Fifth Third Bancorp boosted its Halliburton stake by 289% in the first quarter, adding 148,132 shares and bringing its total holdings to 199,391 shares valued at about $7.8 million.
• Halliburton reported better-than-expected quarterly earnings, with EPS of $0.55 versus the $0.50 consensus and revenue of $5.40 billion, slightly above estimates. The company also reiterated its position as a major oilfield services provider with a strong institutional ownership base of 85.23%.
• The company recently announced a quarterly dividend of $0.17 per share, or $0.68 annually, for a yield of about 1.9%. Meanwhile, analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $43.27.

Fifth Third Bancorp increased its holdings in Halliburton Company (NYSE:HAL - Free Report) by 289.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 199,391 shares of the oilfield services company's stock after acquiring an additional 148,132 shares during the period. Fifth Third Bancorp's holdings in Halliburton were worth $7,774,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. increased its holdings 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 in the last quarter. Capital Research Global Investors lifted its holdings in shares of Halliburton by 21.1% in the fourth quarter. Capital Research Global Investors now owns 110,220,971 shares of the oilfield services company's stock valued at $3,114,848,000 after purchasing an additional 19,190,520 shares in the last quarter. Norges Bank purchased a new position in shares of Halliburton during the fourth quarter valued at approximately $169,304,000. Canoe Financial LP purchased a new position in shares of Halliburton during the first quarter valued at approximately $158,525,000. Finally, AQR Capital Management LLC grew its holdings in Halliburton by 85.5% during the second quarter. AQR Capital Management LLC now owns 8,610,870 shares of the oilfield services company's stock worth $175,490,000 after buying an additional 3,969,759 shares in the last quarter. Institutional investors own 85.23% of the company's stock.

Insider Buying and Selling

In other Halliburton news, EVP Van H. Beckwith sold 198,349 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $41.29, for a total transaction of $8,189,830.21. Following the completion of the sale, the executive vice president directly owned 146,186 shares in the company, valued at approximately $6,036,019.94. This trade represents a 57.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Timothy Mckeon sold 8,655 shares of the business's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $42.00, for a total transaction of $363,510.00. Following the transaction, the vice president directly owned 72,976 shares of the company's stock, valued at $3,064,992. The trade was a 10.60% decrease in their ownership of the stock. 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. Insiders have sold a total of 258,255 shares of company stock worth $10,550,535 over the last three months. Corporate insiders own 0.57% of the company's stock.

Halliburton Price Performance

Shares of HAL stock opened at $35.27 on Thursday. 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 business's 50 day moving average price is $37.88 and its 200-day moving average price is $36.24. The firm has a market cap of $29.46 billion, a P/E ratio of 19.38, a P/E/G ratio of 1.53 and a beta of 0.71. Halliburton Company has a fifty-two week low of $20.17 and a fifty-two 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, topping the consensus estimate of $0.50 by $0.05. The business had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.37 billion. Halliburton had a net margin of 6.95% and a return on equity of 19.04%. The company's revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. On average, equities research analysts anticipate that Halliburton Company will post 2.35 earnings per share for the current year.

Halliburton Announces Dividend

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

Key Stories Impacting Halliburton

Here are the key news stories impacting Halliburton this week:

• Positive Sentiment: Halliburton won a multiyear, multibillion-dollar contract from Saudi Aramco to provide integrated stimulation and completion services for a major unconventional gas development in Saudi Arabia, a significant revenue opportunity that reinforces demand for its core oilfield services. Aramco Awards Halliburton Long-Term Contract for Unconventional Gas Program
• Positive Sentiment: The company also secured a long-term drilling and completions contract for TotalEnergies’ GranMorgu offshore Suriname project, adding to expectations for stronger future backlog and international growth. Halliburton Wins Contract for TotalEnergies' Offshore Suriname Project
• Positive Sentiment: Market commentary highlighted Halliburton as one of the oilfield-services names that still looks attractively valued after recent volatility, with higher oil prices and sector momentum potentially supporting sentiment. Fresh U.S.-Iran Conflicts Could Extend Energy Rally: 2 Bargains Remain
• Neutral Sentiment: Halliburton is also drawing attention from Ghana’s Petroleum Commission for support related to future oil workforce development, which is positive for the company’s regional relationships but not likely to move earnings near term. Petroleum Commission secures Halliburton support for Ghana's future oil workforce
• Negative Sentiment: Bigger-picture energy-sector weakness and analyst warnings about near-term uncertainty in oilfield services are weighing on the group, limiting how far HAL can rally on the contract news alone. Oilfield Services Sector Faces Near-Term Uncertainty; Q2 Season to Be 'Tricky,' BofA Securities Says
• Negative Sentiment: Energy stocks were broadly weaker in Wednesday trading, creating a sector-level headwind for Halliburton despite its company-specific contract wins. Sector Update: Energy Stocks Fall Wednesday Afternoon

Wall Street Analysts Forecast Growth

HAL has been the topic of a number of recent analyst reports. Susquehanna lowered their target price on Halliburton from $45.00 to $42.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Rothschild & Co Redburn increased their price objective on Halliburton from $40.00 to $49.00 and gave the stock a "buy" rating in a report on Friday, May 15th. BMO Capital Markets upped their price target on shares of Halliburton from $42.00 to $45.00 and gave the stock a "market perform" rating in a report on Wednesday, May 13th. Zephirin Group raised their target price on shares of Halliburton from $30.00 to $31.00 and gave the company a "sell" rating in a research note on Wednesday, April 22nd. Finally, Wolfe Research assumed coverage on Halliburton in a report on Wednesday, July 8th. They issued a "peer perform" rating for the company. Nineteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $43.27.

About Halliburton

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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