Patton Fund Management Inc. Makes New $215,000 Investment in Halliburton Company $HAL

Key Points

• Patton Fund Management Inc. has made a new investment of $215,000 in Halliburton Company, acquiring 10,565 shares of the oilfield services firm.
• Institutional investors currently hold 85.23% of Halliburton's stock, indicating strong institutional backing.
• Analysts have given Halliburton a consensus rating of "Moderate Buy" with a price target averaging $31.37, showing optimism in the company's performance despite recent price target reductions by some firms.

Patton Fund Management Inc. purchased a new position in shares of Halliburton Company (NYSE:HAL - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,565 shares of the oilfield services company's stock, valued at approximately $215,000.

Several other institutional investors and hedge funds have also modified their holdings of HAL. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Halliburton by 18.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 119,424 shares of the oilfield services company's stock valued at $3,247,000 after buying an additional 18,245 shares during the period. Versant Capital Management Inc lifted its holdings 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 buying an additional 1,827 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Halliburton by 3,290.5% in the 1st quarter. GAMMA Investing LLC now owns 294,774 shares of the oilfield services company's stock valued at $74,780,000 after buying an additional 286,080 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Halliburton by 25.0% in the 1st quarter. Parallel Advisors LLC now owns 12,316 shares of the oilfield services company's stock valued at $312,000 after buying an additional 2,467 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Halliburton by 10.6% in the 1st quarter. Rhumbline Advisers now owns 1,724,112 shares of the oilfield services company's stock valued at $43,741,000 after buying an additional 165,149 shares during the period. Institutional investors and hedge funds own 85.23% of the company's stock.

Wall Street Analyst Weigh In

HAL has been the subject of several recent analyst reports. Melius Research initiated coverage on Halliburton in a research note on Wednesday, August 20th. They issued a "buy" rating and a $41.00 price target for the company. Royal Bank Of Canada cut their price target on Halliburton from $28.00 to $24.00 and set a "sector perform" rating for the company in a research note on Wednesday, July 23rd. Barclays cut their price target on Halliburton from $26.00 to $22.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. Stifel Nicolaus cut their price target on Halliburton from $31.00 to $29.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Finally, Piper Sandler lowered Halliburton from an "overweight" rating to a "neutral" rating and set a $25.00 price target for the company. in a research note on Monday, July 28th. Thirteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Halliburton currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.37.

Halliburton Stock Performance

NYSE:HAL opened at $25.03 on Tuesday. The firm has a market capitalization of $21.34 billion, a PE ratio of 11.70 and a beta of 1.10. The business's fifty day moving average price is $22.22 and its 200 day moving average price is $21.82. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.00 and a quick ratio of 1.47. Halliburton Company has a 12 month low of $18.72 and a 12 month high of $32.57.

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

Halliburton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, September 3rd. Halliburton's dividend payout ratio is 31.78%.

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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