August 14, 2023 – Bank of New York Mellon Corp (BNY Mellon) has recently announced a decrease in its stake in oilfield services company Halliburton (NYSE:HAL). According to the company’s filing with the Securities and Exchange Commission (SEC), BNY Mellon reduced its position by 3.0% during the first quarter of this year. This move resulted in the sale of 279,128 shares and brings BNY Mellon’s total ownership to 8,918,893 shares. At the end of the most recent quarter, this position was estimated to be worth $282,194,000.
The decision by BNY Mellon to sell shares in Halliburton comes amidst mixed sentiments from industry analysts. Some analysts have expressed concern about the company’s prospects while others remain optimistic about its future performance. UBS Group, for instance, decreased their price target on HAL shares from $49.00 to $46.00 in a research note released on July 3rd. Barclays also reduced their target price from $58.00 to $49.00 on July 20th.
In contrast, Morgan Stanley maintained an “overweight” rating on Halliburton and issued a target price of $45.00 on August 1st. Stifel Nicolaus also lowered their target price from $49.00 to $48.00 on July 12th, while JPMorgan Chase & Co further reduced it from $50.00 to $45.00 on July 20th.
Despite these varying opinions, Bloomberg.com reports that Halliburton currently holds an average rating of “Buy” among analysts and has an average target price of approximately $47.47.
As of Friday’s opening bell results indicate that trading opened at $40.70 per share for HAL stock – a figure likely influenced by investor sentiment and market conditions at that time.
Halliburton boasts a debt-to-equity ratio of 0.91, indicating a moderate level of financial risk. Additionally, its current and quick ratios stand at 2.14 and 1.53 respectively, suggesting that the company possesses sufficient liquidity to meet short-term obligations.
The oilfield services company holds a market capitalization of $36.57 billion, with a price-to-earnings (P/E) ratio of 14.96 – which is considered favorable when compared to the industry average.
Furthermore, Halliburton has demonstrated promising growth potential with a PEG (price/earnings to growth) ratio of 0.68 – signaling that the stock is potentially undervalued based on its future earnings prospects.
Understanding the stock’s volatility is crucial for potential investors. Halliburton has exhibited a beta of 2.17, indicating that it tends to be more volatile than the broader market.
In terms of recent performance trends, Halliburton’s stock has shown resilience over the past year despite volatility in the energy sector. The company’s share price reached a high of $43.42 and a low of $23.30 within this period.
In summary, BNY Mellon’s recent reduction in its stake in Halliburton highlights shifting investor sentiment surrounding the company amidst mixed evaluations by analysts. While some analysts have lowered their target prices for HAL shares, others remain bullish on its prospects. The stock’s trading activity and financial indicators suggest that Halliburton may offer an opportunity for value investors looking for potential upside within the oilfield services sector.
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Halliburton Stock Attracts Attention from Major Investors and Insiders as Analysts Examine Performance and Dividend
Halliburton (NYSE:HAL), one of the leading oilfield services companies, has caught the attention of several large investors who have recently modified their holdings of the company. Sei Investments Co., for example, increased its stake in Halliburton by an astonishing 259.5% during the first quarter. This move resulted in Sei Investments Co. owning 166,407 shares of Halliburton’s stock, valued at $6,281,000.
Similarly, Canada Pension Plan Investment Board lifted its stake in Halliburton by 70.5% during the same period. As a result, Canada Pension Plan Investment Board now owns 128,001 shares of the company’s stock valued at $4,847,000.
In addition to these investors, Prudential PLC entered the scene and purchased a new stake in Halliburton worth $696,000 during the first quarter.
Moreover, Parkside Financial Bank & Trust also saw potential in Halliburton and decided to lift its stake by an impressive 81.5%. This move resulted in Parkside Financial Bank & Trust owning 2,347 shares worth $89,000.
Lastly, Covestor Ltd lifted its stake in Halliburton by an impressive 83.7% during the first quarter as well. As a result of this transaction,Covestor Ltd now owns 3,384 shares valued at $128,000.
It is noteworthy that hedge funds and other institutional investors own the majority (84.79%) of Halliburton’s stock.
In other news related to the oilfield services company,Halliburton’s CFO Eric Carre sold 66 ,589 shares on July7 at an average price of $35.00 per share .This amounts to a total transaction value of around $2 ,330 ,615.In terms transparency and abidance with regulatory practices,the sale was documented and disclosed through a legal filing with the US Security and Exchange Commission (SEC) which can be accessed through the SEC website.
Moreover, Timothy Mckeon, Halliburton’s VP, also sold 3,952 shares of the company’s stock in early August at an average price of $40.00 per share. Following this sale,McKeon now directly holds 53 ,803 shares in Halliburton valued at $2 ,152,120. This transaction too was properly documented and disclosed through a legal filing with the SEC.
It is worth noting that duringthe last three months alone there were insiders selling approximately 187 ,266 shares of Halliburton’s stocks worth around $7 ,133 ,323. Consequently,institutional owners only own about 0.60% of the company’s stock.Interestingly,enlightening reports by expert analysts have poured in regarding HAL’s performance.One notable example includes UBS Group who decreased their price target on Halliburton stocks from $49.00 to $46.00 but emphasized ‘to buy’ as its rating for prospective investors.Another relatable source is Bloomberg.com that expressed a positive side highlighting that during a given period analysis showseven ratings declaring ‘Buy’, six declaring ‘Hold’ and one markinga strong signal about buying ‘Strong Buy’.
Last earning statement were for the quarter ended July 19th and back then,Halliburton not only met expectations but rather outperformed them.The stock earned a remarkable EPS of $0.77 against estimated EPS valuesof $0 .75.Concurrently,the oilfield services company generated revenues of around$5 .8 billion.Predictions suggest thatHalliburton will experiencean annual growthfor earnings pershare ofabout 3 .04%.
Without diverting attention off topic,Halliburton decided to announce quarterly dividend with payments transacted by June28th.The rate charged being a modestrate an investor would possibly find adequate:Shareholders on a record by Wednesday,June 7th were paid a dividend worth$0 .16 per share.An acquaintance of mine calculates the announced figure helps deduce an annualized yield of 1.57%.Surprisingly,yet timely,the payout ratio attributed to Halliburton is authentic and calculates exactly to be slightly over 23.53%per annum.
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