Raymond James Downgrades Halliburton (NYSE:HAL) to Market Perform

Halliburton (NYSE:HAL) was downgraded by equities researchers at Raymond James from a “strong-buy” rating to a “market perform” rating in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports.

A number of other equities research analysts also recently issued reports on HAL. Morgan Stanley reduced their price target on shares of Halliburton from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Monday, November 18th. BMO Capital Markets decreased their target price on shares of Halliburton from $40.00 to $38.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. Griffin Securities cut shares of Halliburton from a “buy” rating to a “neutral” rating in a research note on Friday, December 20th. Wells Fargo & Company reduced their price target on Halliburton from $39.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Piper Sandler started coverage on shares of Halliburton in a research note on Thursday, December 19th. They set an “overweight” rating and a $36.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Halliburton presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.95.

Halliburton Price Performance

Shares of HAL opened at $27.68 on Monday. The firm has a fifty day moving average price of $29.02 and a 200 day moving average price of $30.51. The stock has a market cap of $24.32 billion, a PE ratio of 9.64, a price-to-earnings-growth ratio of 3.55 and a beta of 1.91. Halliburton has a 1-year low of $25.51 and a 1-year high of $41.56. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.21 and a quick ratio of 1.62.

Halliburton (NYSE:HAL) last issued its quarterly earnings data on Thursday, November 7th. The oilfield services company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Halliburton had a net margin of 11.04% and a return on equity of 28.33%. Halliburton’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. As a group, sell-side analysts anticipate that Halliburton will post 3 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Modus Advisors LLC bought a new position in Halliburton in the 4th quarter worth $38,000. Principal Financial Group Inc. boosted its stake in Halliburton by 2.3% during the 3rd quarter. Principal Financial Group Inc. now owns 2,889,257 shares of the oilfield services company’s stock valued at $83,933,000 after purchasing an additional 63,994 shares during the period. Retirement Systems of Alabama grew its holdings in Halliburton by 0.3% in the 3rd quarter. Retirement Systems of Alabama now owns 195,873 shares of the oilfield services company’s stock valued at $5,690,000 after buying an additional 587 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Halliburton by 244.5% in the third quarter. Franklin Resources Inc. now owns 4,513,560 shares of the oilfield services company’s stock worth $138,025,000 after acquiring an additional 3,203,224 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Halliburton during the third quarter worth $358,000. 85.23% of the stock is owned by 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.