Raymond James Issues Pessimistic Forecast for Halliburton (NYSE:HAL) Stock Price

Halliburton (NYSE:HAL) had its price target reduced by equities researchers at Raymond James from $41.00 to $37.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “strong-buy” rating on the oilfield services company’s stock. Raymond James’ price target indicates a potential upside of 27.76% from the company’s current price.

A number of other equities analysts have also issued reports on the company. Piper Sandler lowered their price target on Halliburton from $46.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. JPMorgan Chase & Co. lowered their target price on Halliburton from $45.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Barclays decreased their price target on Halliburton from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Royal Bank of Canada lowered shares of Halliburton from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $44.00 to $37.00 in a research report on Friday, September 13th. Finally, Susquehanna cut their price objective on shares of Halliburton from $42.00 to $40.00 and set a “positive” rating for the company in a research report on Friday. 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Halliburton Stock Performance

HAL traded down $0.59 during trading on Friday, hitting $28.96. 4,611,094 shares of the stock were exchanged, compared to its average volume of 8,023,852. 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 1-year low of $27.26 and a 1-year high of $41.56. The stock has a fifty day moving average price of $29.17 and a two-hundred day moving average price of $32.62. The firm has a market capitalization of $25.57 billion, a P/E ratio of 9.62, a PEG ratio of 1.85 and a beta of 1.89.

Halliburton (NYSE:HAL) last announced its 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 net margin of 11.61% and a return on equity of 29.97%. The business had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.83 billion. During the same period in the previous year, the firm earned $0.79 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. As a group, sell-side analysts predict that Halliburton will post 3.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bruce G. Allen Investments LLC increased its position in Halliburton by 274.9% during the second quarter. Bruce G. Allen Investments LLC now owns 1,121 shares of the oilfield services company’s stock worth $38,000 after buying an additional 822 shares in the last quarter. Crewe Advisors LLC purchased a new stake in Halliburton during the 1st quarter worth about $46,000. Country Trust Bank acquired a new position in Halliburton in the 3rd quarter valued at about $36,000. Beacon Capital Management LLC lifted its holdings in Halliburton by 28.8% in the 1st quarter. Beacon Capital Management LLC now owns 1,382 shares of the oilfield services company’s stock valued at $54,000 after purchasing an additional 309 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Halliburton during the 3rd quarter worth about $44,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.