State Street Corp Has $1.93 Billion Position in Halliburton Company $HAL

Key Points

• State Street increased its Halliburton stake by 4.5% in the second quarter, owning 56.9 million shares valued at approximately $1.93 billion, or 6.83% of the company. Institutional investors collectively own 85.23% of HAL.
• Halliburton’s latest quarter exceeded expectations, with revenue up 3.7% year over year to $5.71 billion and EPS of $0.55 versus the $0.54 consensus estimate. The company also maintains a quarterly dividend of $0.17 per share, representing a 2.1% yield.
• Potential expansion in Venezuela offers a growth opportunity through preliminary agreements with Eneva and WESCA, though the memorandums lack disclosed project values or timelines. Analysts maintain a “Moderate Buy” consensus with an average price target of $43.24, despite continued caution about the oilfield-services recovery.

State Street Corp lifted its holdings in Halliburton Company (NYSE:HAL - Free Report) by 4.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 56,870,444 shares of the oilfield services company's stock after purchasing an additional 2,463,137 shares during the quarter. State Street Corp owned about 6.83% of Halliburton worth $1,930,752,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company increased its stake in Halliburton by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 553,347 shares of the oilfield services company's stock valued at $18,786,000 after buying an additional 17,233 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Halliburton by 32.5% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 66,712 shares of the oilfield services company's stock worth $2,265,000 after purchasing an additional 16,381 shares in the last quarter. MCF Advisors LLC boosted its holdings in shares of Halliburton by 12.7% in the 2nd quarter. MCF Advisors LLC now owns 9,732 shares of the oilfield services company's stock valued at $330,000 after buying an additional 1,094 shares during the last quarter. WINTON GROUP Ltd increased its holdings in Halliburton by 461.6% during the second quarter. WINTON GROUP Ltd now owns 408,281 shares of the oilfield services company's stock worth $13,861,000 after buying an additional 335,581 shares during the last quarter. Finally, Engineers Gate Manager LP raised its position in Halliburton by 902.5% during the second quarter. Engineers Gate Manager LP now owns 817,532 shares of the oilfield services company's stock worth $27,755,000 after acquiring an additional 735,984 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, COO Jeffrey Slocum sold 52,572 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $35.09, for a total transaction of $1,844,751.48. Following the completion of the sale, the chief operating officer directly owned 118,730 shares in the company, valued at approximately $4,166,235.70. This represents a 30.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.57% of the stock is currently owned by company insiders.

Halliburton News Roundup

Here are the key news stories impacting Halliburton this week:

• Positive Sentiment: Venezuela expansion creates potential growth avenue: Halliburton signed memorandums of understanding with Brazil’s Eneva and Venezuelan engineering firm WESCA to pursue energy-development, field-evaluation and oil-and-gas project opportunities in Venezuela. The agreements position Halliburton for a possible revival of activity in the country’s underdeveloped energy sector following the easing of certain sanctions. Reuters article
• Neutral Sentiment: Early-stage agreements offer limited near-term financial visibility: The Eneva and WESCA arrangements are MOUs rather than confirmed contracts, and the companies have not disclosed project values, timelines or expected financial contributions. Investors may therefore view the announcement as strategically positive but unlikely to materially affect near-term earnings. Yahoo Finance article
• Negative Sentiment: Oilfield-services caution remains a stock overhang: Market commentary continues to reflect investor caution about the pace and durability of the oilfield recovery. Halliburton is also being compared with SLB, with some analysts viewing the rival as the more compelling investment for benefiting from the recovery, potentially limiting enthusiasm for HAL. Barchart article

Halliburton Price Performance

NYSE:HAL opened at $32.86 on Wednesday. Halliburton Company has a 52 week low of $21.46 and a 52 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. The firm's 50-day simple moving average is $34.36 and its 200 day simple moving average is $36.65. The firm has a market cap of $27.37 billion, a price-to-earnings ratio of 17.20, a P/E/G ratio of 1.92 and a beta of 0.76.

Halliburton (NYSE:HAL - Get Free Report) last announced its earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.54 by $0.01. Halliburton had a net margin of 7.16% and a return on equity of 18.71%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the prior year, the business posted $0.55 EPS. The business's revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts predict that Halliburton Company will post 2.34 earnings per share for the current year.

Halliburton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Wednesday, September 2nd. Halliburton's dividend payout ratio (DPR) is 35.60%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on HAL shares. TD Cowen lowered their price objective on shares of Halliburton from $48.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Morgan Stanley reduced their target price on Halliburton from $41.00 to $40.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. Wall Street Zen upgraded Halliburton from a "hold" rating to a "buy" rating in a research note on Saturday. Susquehanna reduced their price objective on shares of Halliburton from $45.00 to $42.00 and set a "positive" rating for the company in a research report on Wednesday, July 8th. Finally, Argus cut their target price on shares of Halliburton from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Eighteen 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's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $43.24.

About Halliburton

Halliburton Company NYSE: HAL is a global provider of products and services for the energy industry. The company supports oil and natural gas exploration, development and production across the life cycle of a well, serving both independent and national oil companies.

Halliburton operates through two principal business segments: Completion and Production, which provides cementing, stimulation, intervention and completion services; and Drilling and Evaluation, which offers drilling services, formation evaluation, well construction, project management and related technologies.

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