Halliburton Company $HAL Shares Purchased by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management increased its Halliburton stake by 62.8% in the second quarter, purchasing 412,697 additional shares and bringing its holdings to 1.07 million shares valued at $37.2 million. Institutional investors collectively own 85.23% of HAL.
• Halliburton reported quarterly EPS of $0.55, slightly above estimates, while revenue rose 3.7% year over year to $5.71 billion. The company also declared a quarterly dividend of $0.17 per share, representing a 1.8% yield.
• Analysts maintain a generally positive outlook, with 18 Buy, six Hold and one Sell rating; the consensus rating is “Moderate Buy” with a $43.10 price target, compared with shares opening at $37.05.

Allianz Asset Management GmbH lifted its position in shares of Halliburton Company (NYSE:HAL - Free Report) by 62.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,069,574 shares of the oilfield services company's stock after purchasing an additional 412,697 shares during the quarter. Allianz Asset Management GmbH owned 0.13% of Halliburton worth $37,247,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Groupe la Francaise increased its position in shares of Halliburton by 60.6% in the second quarter. Groupe la Francaise now owns 337,282 shares of the oilfield services company's stock valued at $11,454,000 after buying an additional 127,282 shares in the last quarter. Carlson Financial Inc. grew its stake in Halliburton by 2.7% in the 2nd quarter. Carlson Financial Inc. now owns 11,278 shares of the oilfield services company's stock valued at $383,000 after acquiring an additional 295 shares during the period. California State Teachers Retirement System increased its holdings in Halliburton by 2,886.3% in the 2nd quarter. California State Teachers Retirement System now owns 82,808,973 shares of the oilfield services company's stock worth $2,811,365,000 after acquiring an additional 80,036,032 shares in the last quarter. Readystate Asset Management LP raised its position in Halliburton by 165.8% during the second quarter. Readystate Asset Management LP now owns 498,818 shares of the oilfield services company's stock worth $16,935,000 after acquiring an additional 311,149 shares during the period. Finally, Wedmont Private Capital raised its position in Halliburton by 6.2% during the second quarter. Wedmont Private Capital now owns 20,370 shares of the oilfield services company's stock worth $701,000 after acquiring an additional 1,193 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Halliburton news, COO Jeffrey Slocum sold 52,572 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $35.09, for a total value of $1,844,751.48. Following the transaction, the chief operating officer owned 118,730 shares of the company's stock, valued at $4,166,235.70. This represents a 30.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Carre sold 24,778 shares of the business's 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 directly owned 148,520 shares in the company, valued at $5,330,382.80. This trade represents a 14.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.57% of the company's stock.

Halliburton Trading Down 0.1%

Shares of HAL opened at $37.05 on Tuesday. Halliburton Company has a 12-month low of $21.46 and a 12-month high of $43.59. The firm has a market capitalization of $30.87 billion, a P/E ratio of 19.40, a P/E/G ratio of 2.14 and a beta of 0.76. The firm has a 50-day moving average price of $34.13 and a 200 day moving average price of $36.67. 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 (NYSE:HAL - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. Halliburton had a net margin of 7.16% and a return on equity of 18.71%. The business had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.50 billion. During the same quarter in the prior year, the company posted $0.55 EPS. The business's revenue for the quarter was up 3.7% on a year-over-year basis. Sell-side analysts forecast that Halliburton Company will post 2.34 EPS for the current year.

Halliburton Dividend Announcement

The firm 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 dividend of $0.17 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.8%. Halliburton's dividend payout ratio is currently 35.60%.

Wall Street Analyst Weigh In

HAL has been the topic of several research analyst reports. Susquehanna dropped their target price on shares of Halliburton from $45.00 to $42.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. TD Cowen reduced their price target on shares of Halliburton from $48.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, July 22nd. Citigroup raised their price target on shares of Halliburton from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Halliburton in a report on Wednesday, July 8th. Finally, Piper Sandler upgraded Halliburton from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $40.00 to $43.00 in a research note on Tuesday, July 14th. Eighteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Halliburton has an average rating of "Moderate Buy" and a consensus target price of $43.10.

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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