L2 Asset Management LLC Invests $6.44 Million in Halliburton Company $HAL

L2 Asset Management LLC bought a new position in Halliburton Company (NYSE:HAL) during the second quarter, Holdings Channel reports. The fund bought 189,772 shares of the oilfield services company’s stock, valued at approximately $6,443,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Halliburton by 7.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,754 shares of the oilfield services company’s stock worth $2,353,000 after buying an additional 6,507 shares during the period. Woodline Partners LP boosted its holdings in shares of Halliburton by 39.0% in the first quarter. Woodline Partners LP now owns 73,341 shares of the oilfield services company’s stock worth $1,861,000 after buying an additional 20,583 shares during the period. Focus Partners Wealth boosted its holdings in shares of Halliburton by 25.0% in the first quarter. Focus Partners Wealth now owns 52,045 shares of the oilfield services company’s stock worth $1,320,000 after buying an additional 10,408 shares during the period. Intech Investment Management LLC increased its position in shares of Halliburton by 309.1% in the first quarter. Intech Investment Management LLC now owns 68,946 shares of the oilfield services company’s stock worth $1,749,000 after acquiring an additional 52,092 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Halliburton in the first quarter worth approximately $895,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Susquehanna reduced their price target on shares of Halliburton from $45.00 to $42.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. Evercore reiterated an “outperform” rating and set a $43.00 price objective on shares of Halliburton in a research report on Wednesday, July 22nd. Freedom Capital raised shares of Halliburton from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 22nd. UBS Group reduced their target price on Halliburton from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Finally, Citigroup raised their target price on Halliburton from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Eighteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.10.

Halliburton Stock Performance

HAL stock opened at $34.63 on Tuesday. The firm has a 50 day simple moving average of $33.88 and a 200 day simple moving average of $36.54. Halliburton Company has a 52 week low of $21.40 and a 52 week high of $43.59. The stock has a market cap of $28.85 billion, a P/E ratio of 18.13, a P/E/G ratio of 2.21 and a beta of 0.73. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.50 and a current ratio of 2.02.

Halliburton (NYSE:HAL) last released its earnings results on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.50 billion. Halliburton had a net margin of 7.16% and a return on equity of 18.71%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 EPS. Research analysts anticipate that Halliburton Company will post 2.34 earnings per share for the current fiscal year.

Halliburton Announces Dividend

The company 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 2.0%. Halliburton’s dividend payout ratio (DPR) is presently 35.60%.

Insider Transactions at Halliburton

In other Halliburton news, 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 value of $889,282.42. Following the transaction, the chief financial officer owned 148,520 shares in the company, valued at $5,330,382.80. The trade was a 14.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jeffrey Shannon Slocum sold 52,572 shares of the company’s 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 completion of the transaction, the chief operating officer directly owned 118,730 shares in the company, valued at approximately $4,166,235.70. The trade was a 30.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.57% of the company’s stock.

About Halliburton

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.