OVERSEA CHINESE BANKING Corp Ltd Grows Position in Halliburton Company (NYSE:HAL)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Halliburton by 178.8% during the first quarter, owning 42,721 shares worth approximately $1.08 million after acquiring an additional 27,399 shares.
• Halliburton reported earnings of $0.55 per share for the recent quarter, meeting analysts' expectations, while its revenue decreased by 5.5% year-over-year to $5.51 billion.
• Despite recent changes in price targets by analysts, Halliburton holds a consensus rating of "Moderate Buy" with an average target price of $31.00.

OVERSEA CHINESE BANKING Corp Ltd raised its stake in Halliburton Company (NYSE:HAL - Free Report) by 178.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 42,721 shares of the oilfield services company's stock after purchasing an additional 27,399 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Halliburton were worth $1,083,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of HAL. Mascagni Wealth Management Inc. purchased a new position in shares of Halliburton in the 4th quarter valued at approximately $28,000. Hexagon Capital Partners LLC grew its stake in shares of Halliburton by 87.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,407 shares of the oilfield services company's stock valued at $36,000 after purchasing an additional 656 shares during the last quarter. Vermillion Wealth Management Inc. purchased a new position in shares of Halliburton in the 4th quarter valued at approximately $39,000. Versant Capital Management Inc grew its stake in shares of Halliburton by 830.5% in the 1st quarter. Versant Capital Management Inc now owns 2,047 shares of the oilfield services company's stock valued at $52,000 after purchasing an additional 1,827 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Halliburton in the 1st quarter valued at approximately $57,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Halliburton Price Performance

HAL stock traded down $0.23 during midday trading on Tuesday, hitting $21.44. 1,800,894 shares of the stock were exchanged, compared to its average volume of 13,887,350. The stock's 50-day moving average price is $21.48 and its 200-day moving average price is $22.92. The stock has a market cap of $18.28 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 3.74 and a beta of 1.12. Halliburton Company has a fifty-two week low of $18.72 and a fifty-two week high of $32.57. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.47 and a current ratio of 2.00.

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

Halliburton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 4th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $0.68 annualized dividend and a yield of 3.2%. Halliburton's dividend payout ratio (DPR) is presently 31.78%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HAL. Barclays lowered their target price on Halliburton from $26.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 23rd. UBS Group reduced their price target on Halliburton from $21.00 to $20.00 and set a "neutral" rating for the company in a report on Wednesday, July 23rd. The Goldman Sachs Group reduced their price target on Halliburton from $27.00 to $24.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Piper Sandler cut Halliburton from an "overweight" rating to a "neutral" rating and set a $25.00 price target for the company. in a report on Monday, July 28th. Finally, Stifel Nicolaus reduced their price target on Halliburton from $31.00 to $29.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $31.00.

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.