Raymond James Cuts Halliburton (NYSE:HAL) Price Target to $37.00

Halliburton (NYSE:HAL) had its target price reduced by Raymond James from $41.00 to $37.00 in a report published on Friday morning,Benzinga reports. Raymond James currently has a strong-buy rating on the oilfield services company’s stock.

Several other brokerages have also issued reports on HAL. The Goldman Sachs Group dropped their price target on Halliburton from $47.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Jefferies Financial Group decreased their price objective on Halliburton from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, September 24th. Bank of America cut their target price on Halliburton from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Wells Fargo & Company decreased their price target on shares of Halliburton from $46.00 to $39.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 25th. Finally, Dbs Bank assumed coverage on shares of Halliburton in a research note on Wednesday, September 18th. They issued a “buy” rating and a $45.00 price objective for the company. Four research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $40.79.

Halliburton Stock Up 3.1 %

HAL stock opened at $30.15 on Friday. Halliburton has a 1-year low of $27.26 and a 1-year high of $41.56. The stock has a market cap of $26.62 billion, a price-to-earnings ratio of 10.18, a price-to-earnings-growth ratio of 1.93 and a beta of 1.89. The company has a current ratio of 2.21, a quick ratio of 1.54 and a debt-to-equity ratio of 0.74. The company’s 50 day moving average is $29.10 and its 200 day moving average is $32.45.

Halliburton (NYSE:HAL) last issued its quarterly earnings results on Thursday, November 7th. The oilfield services company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). Halliburton had a return on equity of 28.33% and a net margin of 11.04%. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.83 billion. During the same period in the previous year, the company earned $0.79 EPS. Halliburton’s quarterly revenue was down 1.8% on a year-over-year basis. Sell-side analysts predict that Halliburton will post 3.09 EPS for the current fiscal year.

Halliburton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th were given a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.26%. Halliburton’s dividend payout ratio is currently 23.69%.

Hedge Funds Weigh In On Halliburton

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cary Street Partners Asset Management LLC increased its position in Halliburton by 56.5% during the 3rd quarter. Cary Street Partners Asset Management LLC now owns 157,085 shares of the oilfield services company’s stock valued at $4,563,000 after purchasing an additional 56,707 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Halliburton by 146.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 842,355 shares of the oilfield services company’s stock valued at $28,455,000 after purchasing an additional 500,000 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Halliburton by 105.2% during the second quarter. Mackenzie Financial Corp now owns 186,961 shares of the oilfield services company’s stock valued at $6,316,000 after buying an additional 95,864 shares during the period. Semanteon Capital Management LP bought a new position in Halliburton in the third quarter worth about $1,181,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Halliburton by 319.0% in the first 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 period. 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.