Rhumbline Advisers Trims Holdings in Halliburton (NYSE:HAL)

Rhumbline Advisers reduced its stake in Halliburton (NYSE:HAL) by 4.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,675,389 shares of the oilfield services company’s stock after selling 77,484 shares during the period. Rhumbline Advisers’ holdings in Halliburton were worth $56,595,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Franklin Resources Inc. grew its holdings in shares of Halliburton by 19.1% in the fourth quarter. Franklin Resources Inc. now owns 1,179,579 shares of the oilfield services company’s stock valued at $42,642,000 after purchasing an additional 189,324 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Halliburton by 319.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 36,956 shares of the oilfield services company’s stock worth $1,385,000 after buying an additional 28,137 shares during the last quarter. Mediolanum International Funds Ltd purchased a new stake in shares of Halliburton during the 1st quarter valued at approximately $1,908,000. GAMMA Investing LLC lifted its holdings in Halliburton by 10.9% in the first quarter. GAMMA Investing LLC now owns 8,350 shares of the oilfield services company’s stock valued at $329,000 after acquiring an additional 819 shares during the last quarter. Finally, Stephens Inc. AR grew its position in Halliburton by 622.1% in the fourth quarter. Stephens Inc. AR now owns 66,741 shares of the oilfield services company’s stock worth $2,413,000 after acquiring an additional 57,499 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Halliburton

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

Halliburton Stock Performance

Shares of HAL opened at $29.42 on Thursday. The stock has a 50-day simple moving average of $32.63 and a 200-day simple moving average of $35.38. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.54 and a current ratio of 2.13. Halliburton has a 1 year low of $29.21 and a 1 year high of $43.85. The stock has a market capitalization of $26.05 billion, a PE ratio of 10.18, a PEG ratio of 1.06 and a beta of 1.89.

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

Halliburton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.31%. Halliburton’s payout ratio is currently 23.53%.

Analyst Ratings Changes

A number of equities research analysts have commented on HAL shares. Piper Sandler reduced their target price on Halliburton from $46.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada decreased their target price on shares of Halliburton from $45.00 to $44.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Morgan Stanley dropped their price target on shares of Halliburton from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Jefferies Financial Group decreased their price objective on shares of Halliburton from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Finally, TD Cowen dropped their target price on shares of Halliburton from $47.00 to $45.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Two research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Halliburton currently has an average rating of “Moderate Buy” and a consensus price target of $44.88.

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.