J P Morgan Chase & Co Cuts Halliburton Company (HAL) Price Target to $55.00

Halliburton Company (NYSE:HAL) had its price objective decreased by investment analysts at J P Morgan Chase & Co from $60.00 to $55.00 in a report released on Tuesday. The brokerage presently has an “overweight” rating on the oilfield services company’s stock. J P Morgan Chase & Co’s price target would indicate a potential upside of 35.37% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Sanford C. Bernstein reissued an “outperform” rating and set a $53.00 price target on shares of Halliburton in a research report on Wednesday, September 6th. ValuEngine lowered Halliburton from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Jefferies Group LLC set a $56.00 price target on Halliburton and gave the company a “buy” rating in a research report on Monday, August 28th. BidaskClub lowered Halliburton from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Finally, FBR & Co dropped their target price on Halliburton from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $58.61.

Halliburton (HAL) traded up 1.33% during trading on Tuesday, reaching $41.17. 871,342 shares of the company were exchanged. The stock’s market capitalization is $35.88 billion. The firm’s 50 day moving average is $40.52 and its 200 day moving average is $45.32. Halliburton has a 52-week low of $38.18 and a 52-week high of $58.78.

Halliburton (NYSE:HAL) last posted its quarterly earnings results on Monday, July 24th. The oilfield services company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.05. The business had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.86 billion. Halliburton had a positive return on equity of 2.97% and a negative net margin of 0.86%. The business’s revenue was up 29.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.14) EPS. Analysts expect that Halliburton will post $1.12 EPS for the current year.

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In related news, EVP Lawrence J. Pope sold 43,000 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $39.66, for a total value of $1,705,380.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.47% of the company’s stock.

A number of institutional investors have recently made changes to their positions in HAL. BlackRock Inc. lifted its stake in Halliburton by 2,760.4% in the 1st quarter. BlackRock Inc. now owns 51,835,128 shares of the oilfield services company’s stock worth $2,550,805,000 after acquiring an additional 50,022,982 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Halliburton by 107.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 15,623,103 shares of the oilfield services company’s stock worth $667,362,000 after acquiring an additional 8,105,286 shares in the last quarter. Franklin Resources Inc. lifted its stake in Halliburton by 35.1% in the 2nd quarter. Franklin Resources Inc. now owns 14,813,901 shares of the oilfield services company’s stock worth $632,678,000 after acquiring an additional 3,844,946 shares in the last quarter. Balyasny Asset Management LLC lifted its stake in Halliburton by 7,314.7% in the 2nd quarter. Balyasny Asset Management LLC now owns 3,750,668 shares of the oilfield services company’s stock worth $160,191,000 after acquiring an additional 3,700,084 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Halliburton by 3,294.9% in the 2nd quarter. Janus Henderson Group PLC now owns 3,784,359 shares of the oilfield services company’s stock worth $161,631,000 after acquiring an additional 3,672,887 shares in the last quarter. 79.53% of the stock is owned by hedge funds and other institutional investors.

About Halliburton

Halliburton Company provides services and products to the upstream oil and natural gas industry throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the field.

Analyst Recommendations for Halliburton (NYSE:HAL)

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