According to a recent filing with the Securities and Exchange Commission (SEC), Fortem Financial Group LLC has reduced its stake in Halliburton by 36.5% during the second quarter of this year. The institutional investor now holds 8,600 shares of the oilfield services company’s stock, down from the previous 13,550 shares. At the end of the reporting period, Fortem Financial Group LLC’s holdings in Halliburton were valued at $284,000.
Halliburton recently released its earnings results for the quarter ending on July 19th. The company reported earnings per share (EPS) of $0.77 for the quarter, surpassing analysts’ consensus estimates of $0.75 by $0.02. Halliburton also posted a return on equity of 31.01% and a net margin of 10.98%. Additionally, the company generated revenue of $5.80 billion for the quarter, slightly lower than analyst expectations of $5.85 billion. However, compared to the same quarter last year, Halliburton’s revenue saw a substantial increase of 14.3%. Research analysts predict that Halliburton will achieve earnings per share (EPS) of 3.04 by the end of this year.
Multiple analysts have issued reports on Halliburton’s performance and prospects. JPMorgan Chase & Co., for example, revised their target price for Halliburton from $50 to $45 in a research report released on July 20th. Likewise, Morgan Stanley reiterated an “overweight” rating and set a target price of $45 on shares of Halliburton in their research report published on August 1st.
Furthermore, Barclays reduced their price target for Halliburton from $58 to $49 in their research report also published on July 20th. Conversely, UBS Group raised their price objective from $49 to $52 and assigned a “buy” rating to Halliburton’s stock in their research report released on August 17th. StockNews.com initiated coverage of Halliburton, giving it a “hold” rating in their research report published on the same day.
Overall, analysts seem to be generally positive about Halliburton, with one hold rating, fourteen buy ratings, and one strong buy rating for the company’s stock. According to Bloomberg.com data, the average rating for Halliburton is currently “Buy”, with an average price target of $48.21.
It is important to note that these ratings and forecasts represent the opinions and predictions of individual analysts. Investors should conduct thorough research and consider other factors before making any investment decisions related to Halliburton or any other company.
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Institutional Investors Increase Holdings in Halliburton and Insider Trading Activity Raises Questions about Future Performance
Halliburton, one of the world’s largest oilfield services companies, has seen modifications in holdings by institutional investors. VeraBank N.A. increased its stake in Halliburton by 7.8% during the second quarter, adding an additional 1,600 shares to its portfolio. This raised the bank’s ownership to 22,020 shares worth $726,000. Similarly, ING Groep NV significantly raised its position in Halliburton during the first quarter, acquiring an additional 142,532 shares and bringing its total ownership to 153,622 shares worth $4,861,000.
Wedmont Private Capital also decided to boost its stake in Halliburton during the second quarter by an impressive 24.6%. Adding another 3,080 shares amounted to a total of 15,587 shares valued at $575,000. Clear Street Markets LLC joined the ranks of institutional investors with a new position in Halliburton valued at approximately $336,000.
Another notable investor was Deuterium Capital Management LLC which raised its stake in Halliburton during the first quarter by a staggering 146.9%. This translated to an additional 8,793 shares and a total ownership of 14,778 shares valued at $468,000. These actions exemplify the level of confidence institutional investors hold in Halliburton and its future prospects.
It is worth mentioning that hedge funds and other institutional investors currently own 82.09% of Halliburton’s stock. This signifies their significant influence on decisions regarding the company’s growth and direction.
In addition to changes in holdings by institutional investors, notable insider trading activity has taken place within the company as well. EVP Van H. Beckwith sold 5,000 shares of Halliburton’s stock on September 19th for approximately $215,000 while insider Myrtle L. Jones sold 16,800 shares for a total value of $722,400. The fact that both executives chose to sell their shares raises questions about how they perceive the company’s future performance.
Moving on to stock performance, Halliburton opened at $40.79 on September 27th. Over the past year, its shares have ranged between a low of $23.53 and a high of $43.42. The fifty-day moving average currently stands at $39.67, while the two-hundred-day moving average is at $34.73.
Halliburton’s market capitalization is currently calculated to be $36.65 billion with a price-to-earnings ratio of 14.99 indicating its relative affordability in relation to earnings. Moreover, the price-to-earnings-growth ratio stands at an attractive 0.68, suggesting potential for further growth in the company’s stock price.
It remains to be seen how these changes in holdings and insider trading activity will impact Halliburton’s future performance in the highly competitive oilfield services industry. Investors should closely monitor any further developments and announcements from both institutional investors and insiders as they can provide valuable insights into the direction and potential growth opportunities for the company as a whole.
Disclaimer: Our latest research report on Halliburton provides additional analysis and insights into the company’s current situation and future prospects for interested readers seeking more detailed information.
