Wells Fargo & Company Cuts Halliburton (NYSE:HAL) Price Target to $39.00

Halliburton (NYSE:HAL) had its target price decreased by equities research analysts at Wells Fargo & Company from $46.00 to $39.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the oilfield services company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 33.97% from the stock’s current price.

Several other equities analysts have also commented on the company. Johnson Rice upgraded Halliburton to a “moderate buy” rating in a research note on Friday, July 19th. Piper Sandler reduced their price target on shares of Halliburton from $46.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Citigroup lowered their price target on shares of Halliburton from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Morgan Stanley reduced their price objective on shares of Halliburton from $45.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Susquehanna dropped their target price on Halliburton from $49.00 to $46.00 and set a “positive” rating on the stock in a research report on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Halliburton has an average rating of “Moderate Buy” and an average price target of $42.56.

Halliburton Trading Down 2.9 %

HAL traded down $0.86 on Wednesday, reaching $29.11. 3,073,423 shares of the company traded hands, compared to its average volume of 7,614,207. The company has a market cap of $25.70 billion, a P/E ratio of 10.07, a price-to-earnings-growth ratio of 1.02 and a beta of 1.89. The company has a quick ratio of 1.54, a current ratio of 2.13 and a debt-to-equity ratio of 0.76. Halliburton has a one year low of $27.52 and a one year high of $43.85. The firm has a fifty day simple moving average of $31.26 and a two-hundred day simple moving average of $34.75.

Halliburton (NYSE:HAL) last posted its quarterly earnings results on Friday, July 19th. The oilfield services company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. The firm had revenue of $5.83 billion during the quarter, compared to the consensus estimate of $5.95 billion. Halliburton had a net margin of 11.61% and a return on equity of 29.97%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.77 earnings per share. As a group, equities research analysts expect that Halliburton will post 3.14 earnings per share for the current year.

Insider Transactions at Halliburton

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Rise Advisors LLC bought a new position in Halliburton in the 1st quarter worth approximately $26,000. Johnson Financial Group Inc. acquired a new position in Halliburton during the 4th quarter worth $33,000. Bruce G. Allen Investments LLC boosted its position in Halliburton by 274.9% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,121 shares of the oilfield services company’s stock worth $38,000 after acquiring an additional 822 shares during the period. Assetmark Inc. grew its stake in shares of Halliburton by 286.2% in the fourth quarter. Assetmark Inc. now owns 1,201 shares of the oilfield services company’s stock worth $43,000 after purchasing an additional 890 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of Halliburton during the first quarter valued at $46,000. Institutional investors own 85.23% of the company’s stock.

About Halliburton

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.