Saudi Central Bank Grows Stake in Halliburton Company $HAL

Saudi Central Bank boosted its position in shares of Halliburton Company (NYSE:HAL) by 88.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,461 shares of the oilfield services company’s stock after purchasing an additional 27,396 shares during the period. Saudi Central Bank’s holdings in Halliburton were worth $1,985,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Angeles Wealth Management LLC boosted its position in shares of Halliburton by 3.4% during the second quarter. Angeles Wealth Management LLC now owns 13,414 shares of the oilfield services company’s stock valued at $455,000 after buying an additional 438 shares during the period. AlphaGrep UK Ltd bought a new stake in shares of Halliburton during the 2nd quarter worth approximately $1,056,000. Munich Reinsurance Co Stock Corp in Munich bought a new stake in shares of Halliburton during the 2nd quarter worth approximately $2,639,000. TD Waterhouse Canada Inc. boosted its holdings in Halliburton by 13.1% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 57,624 shares of the oilfield services company’s stock valued at $1,902,000 after acquiring an additional 6,689 shares during the period. Finally, Concurrent Investment Advisors LLC boosted its holdings in Halliburton by 13.9% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 102,509 shares of the oilfield services company’s stock valued at $3,480,000 after acquiring an additional 12,549 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HAL has been the topic of a number of recent analyst reports. TD Cowen reduced their target price on Halliburton from $48.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Argus lowered their target price on shares of Halliburton from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Rothschild & Co Redburn upped their price target on shares of Halliburton from $40.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Piper Sandler raised shares of Halliburton from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $40.00 to $43.00 in a research note on Tuesday, July 14th. Finally, UBS Group decreased their price objective on shares of Halliburton from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Eighteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Halliburton presently has an average rating of “Moderate Buy” and a consensus target price of $43.10.

Insider Activity

In other Halliburton news, COO Jeffrey Slocum sold 52,572 shares of Halliburton stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $35.09, for a total value of $1,844,751.48. Following the transaction, the chief operating officer owned 118,730 shares in the company, valued at $4,166,235.70. The trade was a 30.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Carre sold 24,778 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.89, for a total transaction of $889,282.42. Following the completion of the transaction, the chief financial officer owned 148,520 shares of the company’s stock, valued at $5,330,382.80. This represents a 14.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.57% of the stock is owned by insiders.

Halliburton Stock Performance

Shares of NYSE:HAL opened at $37.05 on Tuesday. The firm has a 50 day moving average of $34.13 and a 200 day moving average of $36.67. The company has a quick ratio of 1.50, a current ratio of 2.02 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $30.87 billion, a price-to-earnings ratio of 19.40, a price-to-earnings-growth ratio of 2.14 and a beta of 0.76. Halliburton Company has a 52 week low of $21.46 and a 52 week high of $43.59.

Halliburton (NYSE:HAL) last announced its quarterly earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.50 billion. Halliburton had a return on equity of 18.71% and a net margin of 7.16%.The business’s revenue was up 3.7% compared to the same quarter last year. During the same period last year, the business posted $0.55 EPS. On average, sell-side analysts predict that Halliburton Company will post 2.34 earnings per share for the current fiscal year.

Halliburton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.8%. Halliburton’s dividend payout ratio (DPR) is presently 35.60%.

Halliburton Company Profile

Halliburton is one of the world’s largest providers of products and services to the energy industry, offering a broad portfolio that supports the lifecycle of oil and gas reservoirs from exploration and drilling through production and abandonment. Founded in 1919 by Erle P. Halliburton as an oil-well cementing company, the firm is headquartered in Houston, Texas and has developed into an integrated oilfield services company serving upstream operators globally.

The company’s activities encompass drilling and evaluation, well construction and completion, production enhancement and well intervention.