Hotchkis & Wiley Capital Management LLC Sells 3,310,123 Shares of Halliburton Company $HAL

Key Points

• Hotchkis & Wiley Capital Management LLC significantly reduced its holdings in Halliburton Company by 97.5%, selling over 3.3 million shares and leaving them with just 85,518 shares valued at $2.17 million.
• Despite the large sell-off by Hotchkis & Wiley, other institutional investors increased their stakes in Halliburton, with Northwestern Mutual Wealth Management Co. boosting its position by 132.1%.
• Halliburton reported a net margin of 8.37% for the last quarter, with earnings per share matching consensus estimates at $0.55, though revenue declined by 5.5% year-over-year.

Hotchkis & Wiley Capital Management LLC reduced its holdings in Halliburton Company (NYSE:HAL - Free Report) by 97.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 85,518 shares of the oilfield services company's stock after selling 3,310,123 shares during the quarter. Hotchkis & Wiley Capital Management LLC's holdings in Halliburton were worth $2,170,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Halliburton by 132.1% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 94,007 shares of the oilfield services company's stock valued at $2,385,000 after acquiring an additional 53,509 shares in the last quarter. AlphaQuest LLC grew its holdings in Halliburton by 94.6% in the first quarter. AlphaQuest LLC now owns 108,301 shares of the oilfield services company's stock worth $2,748,000 after purchasing an additional 52,662 shares during the period. Allstate Corp increased its stake in Halliburton by 81.0% in the first quarter. Allstate Corp now owns 48,433 shares of the oilfield services company's stock valued at $1,229,000 after purchasing an additional 21,676 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Halliburton by 4.6% in the first quarter. Ameriprise Financial Inc. now owns 1,652,217 shares of the oilfield services company's stock valued at $41,921,000 after purchasing an additional 73,310 shares in the last quarter. Finally, Norinchukin Bank The raised its holdings in shares of Halliburton by 17.0% during the first quarter. Norinchukin Bank The now owns 53,750 shares of the oilfield services company's stock valued at $1,364,000 after purchasing an additional 7,812 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Halliburton Trading Down 2.1%

Shares of Halliburton stock opened at $21.86 on Wednesday. The company has a market capitalization of $18.64 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 3.91 and a beta of 1.12. The stock has a fifty day simple moving average of $21.57 and a 200 day simple moving average of $22.32. Halliburton Company has a 12-month low of $18.72 and a 12-month high of $32.57. The company has a current ratio of 2.00, a quick ratio of 1.47 and a debt-to-equity ratio of 0.68.

Halliburton (NYSE:HAL - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The oilfield services company reported $0.55 EPS for the quarter, meeting the consensus estimate of $0.55. Halliburton had a net margin of 8.37% and a return on equity of 21.45%. The firm had revenue of $5.51 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same quarter last year, the business posted $0.80 EPS. The company's revenue for the quarter was down 5.5% on a year-over-year basis. On average, sell-side analysts anticipate that Halliburton Company will post 2.64 earnings per share for the current fiscal year.

Halliburton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, September 3rd. Halliburton's dividend payout ratio (DPR) is currently 31.78%.

Analysts Set New Price Targets

HAL has been the subject of several research reports. Stifel Nicolaus reduced their target price on Halliburton from $31.00 to $29.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Piper Sandler cut Halliburton from an "overweight" rating to a "neutral" rating and set a $25.00 price objective for the company. in a research note on Monday, July 28th. Barclays decreased their price objective on Halliburton from $26.00 to $22.00 and set an "equal weight" rating for the company in a report on Wednesday, July 23rd. Royal Bank Of Canada reduced their price target on shares of Halliburton from $28.00 to $24.00 and set a "sector perform" rating for the company in a research report on Wednesday, July 23rd. Finally, Melius started coverage on shares of Halliburton in a research note on Wednesday, August 20th. They set a "buy" rating and a $41.00 price target for the company. Fourteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Halliburton currently has a consensus rating of "Moderate Buy" and an average price target of $32.05.

Halliburton Profile

Halliburton Company provides products and services to the energy industry worldwide. It operates through two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; and completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, and service tools, as well as liner hanger, sand control, and multilateral systems.

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