Morgan Stanley Cuts Halliburton (NYSE:HAL) Price Target to $35.00

Halliburton (NYSE:HAL) had its price target lowered by investment analysts at Morgan Stanley from $45.00 to $35.00 in a report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the oilfield services company’s stock. Morgan Stanley’s price objective points to a potential upside of 19.45% from the stock’s current price.

Several other research firms have also recently weighed in on HAL. The Goldman Sachs Group cut their price target on Halliburton from $47.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Susquehanna cut their target price on shares of Halliburton from $49.00 to $46.00 and set a “positive” rating for the company in a report on Monday, July 22nd. Jefferies Financial Group reduced their price target on shares of Halliburton from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. Johnson Rice upgraded shares of Halliburton to a “moderate buy” rating in a research report on Friday, July 19th. Finally, Stifel Nicolaus reduced their target price on shares of Halliburton from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Halliburton presently has an average rating of “Moderate Buy” and an average price target of $43.88.

Halliburton Trading Up 3.1 %

Halliburton stock opened at $29.30 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.13 and a quick ratio of 1.54. The firm’s 50 day moving average price is $31.73 and its 200-day moving average price is $34.96. Halliburton has a 1 year low of $27.52 and a 1 year high of $43.85. The stock has a market cap of $25.94 billion, a P/E ratio of 10.14, a PEG ratio of 0.95 and a beta of 1.89.

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

Insider Transactions at Halliburton

In related news, EVP Van H. Beckwith sold 10,000 shares of the business’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 sale, the executive vice president now owns 273,908 shares in the company, valued at $10,066,119. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.61% of the company’s stock.

Institutional Trading of Halliburton

A number of hedge funds have recently added to or reduced their stakes in HAL. Sanctuary Advisors LLC purchased a new stake in shares of Halliburton in the 2nd quarter worth approximately $2,257,000. New Wave Wealth Advisors LLC bought a new position in Halliburton in the second quarter worth approximately $521,000. Truist Financial Corp lifted its holdings in Halliburton by 20.9% during the second quarter. Truist Financial Corp now owns 1,490,642 shares of the oilfield services company’s stock worth $50,354,000 after buying an additional 257,403 shares during the period. Brandes Investment Partners LP boosted its position in Halliburton by 15.1% during the 2nd quarter. Brandes Investment Partners LP now owns 4,279,478 shares of the oilfield services company’s stock valued at $144,516,000 after acquiring an additional 560,325 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Halliburton in the 2nd quarter valued at $184,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

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.