Saudi Central Bank Has $1.99 Million Stock Holdings in Halliburton Company $HAL

Key Points

• Saudi Central Bank increased its Halliburton stake by 88.2% in the second quarter, bringing its holdings to 58,461 shares valued at approximately $1.99 million. Institutional investors and hedge funds collectively own 85.23% of HAL.
• Analysts maintain a generally positive outlook, with 18 Buy ratings, six Holds and one Sell rating; the consensus target price is $43.10, compared with the stock’s reported price of $37.05.
• Halliburton exceeded quarterly expectations with adjusted earnings of $0.55 per share and revenue of $5.71 billion, while announcing a quarterly dividend of $0.17 per share, equivalent to a 1.8% annualized yield.

Saudi Central Bank boosted its stake in shares of Halliburton Company (NYSE:HAL - Free Report) by 88.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,461 shares of the oilfield services company's stock after purchasing an additional 27,396 shares during the quarter. Saudi Central Bank's holdings in Halliburton were worth $1,985,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of HAL. Annis Gardner Whiting Capital Advisors LLC increased its holdings in Halliburton by 10.2% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 2,794 shares of the oilfield services company's stock worth $109,000 after acquiring an additional 258 shares in the last quarter. Vermillion Wealth Management Inc. lifted its holdings in Halliburton by 24.8% during the fourth quarter. Vermillion Wealth Management Inc. now owns 1,456 shares of the oilfield services company's stock valued at $41,000 after purchasing an additional 289 shares in the last quarter. Greenleaf Trust lifted its holdings in Halliburton by 2.0% during the second quarter. Greenleaf Trust now owns 17,348 shares of the oilfield services company's stock valued at $589,000 after purchasing an additional 342 shares in the last quarter. Coldstream Capital Management Inc. boosted its position in shares of Halliburton by 1.5% in the fourth quarter. Coldstream Capital Management Inc. now owns 23,312 shares of the oilfield services company's stock worth $659,000 after purchasing an additional 349 shares during the period. Finally, Harbour Investments Inc. boosted its position in shares of Halliburton by 7.3% in the fourth quarter. Harbour Investments Inc. now owns 5,320 shares of the oilfield services company's stock worth $150,000 after purchasing an additional 361 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HAL has been the topic of several recent analyst reports. Citigroup raised their price objective on shares of Halliburton from $47.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, June 3rd. Freedom Capital raised shares of Halliburton from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 22nd. Piper Sandler upgraded Halliburton from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $40.00 to $43.00 in a research note on Tuesday, July 14th. Capital One Financial raised their price target on Halliburton from $41.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, May 20th. Finally, Barclays lowered their price objective on Halliburton from $55.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 22nd. Eighteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Halliburton currently has an average rating of "Moderate Buy" and a consensus target price of $43.10.

Halliburton Stock Performance

HAL opened at $37.05 on Tuesday. The stock has a market capitalization of $30.87 billion, a price-to-earnings ratio of 19.40, a PEG ratio of 2.14 and a beta of 0.76. The company has a fifty day moving average of $34.13 and a 200 day moving average of $36.67. Halliburton Company has a fifty-two week low of $21.46 and a fifty-two week high of $43.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.50 and a current ratio of 2.02.

Halliburton (NYSE:HAL - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $5.50 billion. During the same quarter in the previous year, the company earned $0.55 EPS. The business's quarterly revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Halliburton Company will post 2.34 earnings per share for the current fiscal year.

Halliburton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Wednesday, September 2nd. Halliburton's payout ratio is currently 35.60%.

Insider Buying and Selling

In other Halliburton news, CFO Eric Carre sold 24,778 shares of Halliburton stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.89, for a total value of $889,282.42. Following the sale, the chief financial officer owned 148,520 shares of the company's stock, valued at $5,330,382.80. The trade was a 14.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jeffrey Slocum sold 52,572 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $35.09, for a total value of $1,844,751.48. Following the sale, the chief operating officer directly owned 118,730 shares in the company, valued at $4,166,235.70. This trade represents a 30.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.57% of the stock is currently owned by corporate insiders.

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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