Halliburton (NYSE:HAL) Cut to ‘Sector Perform’ at Royal Bank of Canada

Halliburton (NYSE:HAL – Get Free Report) was downgraded by stock analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Friday, MarketBeat.com reports. They currently have a $37.00 price objective on the oil services company’s stock, down from their previous price objective of $44.00. Royal Bank of Canada’s target price would suggest a potential upside of 32.76% from the company’s current price.

HAL has been the subject of several other reports. StockNews.com lowered shares of Halliburton from a “buy” rating to a “hold” rating in a research report on Wednesday, July 3rd. Susquehanna decreased their price objective on shares of Halliburton from $49.00 to $46.00 and set a “positive” rating on the stock in a research report on Monday, July 22nd. Barclays dropped their price objective on shares of Halliburton from $54.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 23rd. Piper Sandler decreased their price objective on shares of Halliburton from $46.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Finally, Evercore ISI dropped their price objective on shares of Halliburton from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd . Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.47.

Check out our latest analysis of Halliburton

Halliburton stock performance

NYSE HAL opened at $27.87 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.54, and a debt-to-equity ratio of 0.76. The company’s fifty day moving average price is $31.90 and its two hundred day moving average price is $35.05. Halliburton has a 1 year low of $27.52 and a 1 year high of $43.85. The firm has a market cap of $24.67 billion, a P/E ratio of 9.64, a price-to-earnings-growth ratio of 0.95 and a beta of 1.89.

Halliburton (NYSE:HAL – Get Your Free Report ) last posted its quarterly earnings results on Friday, July 19th. The oilfield services company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. Halliburton had a net margin of 11.61% and a return on equity of 29.97%. The firm had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.95 billion. In the same period last year, the firm posted earnings of $0.77 per share. The company’s quarterly revenue was up 0.6% compared to the same quarter last year. As a group, research analysts anticipate that Halliburton will post 3.14 EPS for the current year.

Insiders place their bets

In other Halliburton news, EVP Van H. Beckwith sold 10,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $36.75, for a total transaction of $367,500.00. Following the sale, the executive vice president now directly owns 273,908 shares in the company, valued at $10,066,119. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.61% of the company’s shares.

Institutional investors are weighing in on Halliburton

A number of hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new stake in shares of Halliburton in the second quarter valued at approximately $2,257,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Halliburton in the second quarter valued at approximately $521,000. Truist Financial Corp boosted its stake in Halliburton by 20.9% in the second quarter. Truist Financial Corp now owns 1,490,642 shares of the oil services company’s stock valued at $50,354,000 after purchasing an additional 257,403 shares during the last quarter. Brandes Investment Partners LP boosted its stake in Halliburton by 15.1% in the second quarter. Brandes Investment Partners LP now owns 4,279,478 shares of the oil services company’s stock valued at $144,516,000 after buying an additional 560,325 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of Halliburton in the second quarter valued at about $184,000. 85.23% of the shares are currently owned by institutional investors and hedge funds.

Halliburton Company Profile

(Get a free report)

The 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 provides production enhancement services that include sand stimulation and control services; cementing services such as well plugging and casing and capping equipment; and completion tools that provide drilling solutions and services, including well completion products and services, intelligent well completions and service tools, as well as casing hooking systems, sand control and multilateral systems.

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