State of Michigan Retirement System Cuts Holdings in Halliburton (NYSE:HAL)

State of Michigan Retirement System trimmed its holdings in shares of Halliburton (NYSE:HAL) by 0.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 242,422 shares of the oilfield services company’s stock after selling 1,500 shares during the period. State of Michigan Retirement System’s holdings in Halliburton were worth $8,189,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. boosted its stake in Halliburton by 19.1% during the 4th quarter. Franklin Resources Inc. now owns 1,179,579 shares of the oilfield services company’s stock valued at $42,642,000 after purchasing an additional 189,324 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Halliburton by 319.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 36,956 shares of the oilfield services company’s stock valued at $1,385,000 after purchasing an additional 28,137 shares during the last quarter. Mediolanum International Funds Ltd purchased a new stake in Halliburton during the 1st quarter valued at $1,908,000. GAMMA Investing LLC boosted its stake in shares of Halliburton by 10.9% in the 1st quarter. GAMMA Investing LLC now owns 8,350 shares of the oilfield services company’s stock worth $329,000 after buying an additional 819 shares during the last quarter. Finally, Stephens Inc. AR boosted its stake in shares of Halliburton by 622.1% in the 4th quarter. Stephens Inc. AR now owns 66,741 shares of the oilfield services company’s stock worth $2,413,000 after buying an additional 57,499 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Piper Sandler dropped their price target on Halliburton from $46.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Citigroup dropped their price target on Halliburton from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Jefferies Financial Group dropped their price target on Halliburton from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Monday, July 29th. JPMorgan Chase & Co. dropped their price target on Halliburton from $45.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Finally, Johnson Rice raised Halliburton to a “moderate buy” rating in a report on Friday, July 19th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Halliburton presently has an average rating of “Moderate Buy” and a consensus price target of $45.35.

Insider Buying and Selling

In related news, EVP Van H. Beckwith sold 10,000 shares of Halliburton stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $36.75, for a total value of $367,500.00. Following the completion of the transaction, the executive vice president now owns 273,908 shares in the company, valued at $10,066,119. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.61% of the stock is currently owned by company insiders.

Halliburton Trading Down 0.8 %

Shares of HAL stock opened at $31.62 on Wednesday. Halliburton has a 12-month low of $30.31 and a 12-month high of $43.85. The company has a current ratio of 2.13, a quick ratio of 1.54 and a debt-to-equity ratio of 0.76. The stock’s 50-day moving average price is $33.04 and its 200-day moving average price is $35.58. The stock has a market capitalization of $27.99 billion, a price-to-earnings ratio of 10.94, a price-to-earnings-growth ratio of 1.12 and a beta of 1.93.

Halliburton (NYSE:HAL) last issued its earnings results on Friday, July 19th. The oilfield services company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. Halliburton had a return on equity of 29.97% and a net margin of 11.61%. The firm had revenue of $5.83 billion for the quarter, compared to analysts’ expectations of $5.95 billion. During the same period in the previous year, the firm posted $0.77 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. Equities research analysts predict that Halliburton will post 3.18 EPS for the current fiscal year.

Halliburton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th will be given a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $0.68 annualized dividend and a yield of 2.15%. Halliburton’s dividend payout ratio is currently 23.53%.

Halliburton Profile

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.