Kayne Anderson Rudnick Investment Management LLC Reduces Holdings in Halliburton (NYSE:HAL)

Kayne Anderson Rudnick Investment Management LLC cut its stake in Halliburton (NYSE:HAL) by 99.7% in the second quarter, Holdings Channel.com reports. The fund owned 2,129 shares of the oilfield services company’s stock after selling 695,755 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Halliburton were worth $72,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analyst Weigh In

HAL has been the topic of several analyst reports. Piper Sandler lowered their target price on Halliburton from $46.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Royal Bank of Canada cut shares of Halliburton from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $44.00 to $37.00 in a research note on Friday, September 13th. JPMorgan Chase & Co. lowered their target price on shares of Halliburton from $45.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Stifel Nicolaus dropped their price target on shares of Halliburton from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. Finally, Citigroup lowered their price objective on Halliburton from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Three investment 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 company’s stock. Based on data from MarketBeat.com, Halliburton currently has an average rating of “Moderate Buy” and an average price target of $43.11.

Halliburton Stock Performance

Shares of HAL opened at $29.96 on Wednesday. The company has a 50-day moving average of $31.26 and a two-hundred day moving average of $34.75. The stock has a market cap of $26.52 billion, a P/E ratio of 10.37, a PEG ratio of 0.95 and a beta of 1.89. Halliburton has a 12-month low of $27.52 and a 12-month high of $43.85. The company has a current ratio of 2.13, a quick ratio of 1.54 and a debt-to-equity ratio of 0.76.

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

Halliburton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Wednesday, September 4th. Halliburton’s dividend payout ratio is presently 23.53%.

Insider Activity at Halliburton

In other news, EVP Van H. Beckwith sold 10,000 shares of Halliburton 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 completion of 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 legal filing with the SEC, which is accessible through this link. 0.61% of the stock is currently owned by corporate insiders.

Halliburton Profile

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.