Salem Capital Management Inc. Buys 34,850 Shares of Halliburton (HAL)
Salem Capital Management Inc. lifted its stake in shares of Halliburton (NYSE:HAL) by 43.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 115,825 shares of the oilfield services company’s stock after purchasing an additional 34,850 shares during the period. Halliburton accounts for about 1.8% of Salem Capital Management Inc.’s portfolio, making the stock its 20th largest holding. Salem Capital Management Inc.’s holdings in Halliburton were worth $3,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently modified their holdings of the company. SevenBridge Financial Group LLC boosted its holdings in shares of Halliburton by 387.5% during the 4th quarter. SevenBridge Financial Group LLC now owns 975 shares of the oilfield services company’s stock worth $26,000 after purchasing an additional 775 shares during the last quarter. Essex Savings Bank acquired a new position in shares of Halliburton during the 4th quarter worth approximately $27,000. CX Institutional acquired a new position in shares of Halliburton during the 4th quarter worth approximately $30,000. IMS Capital Management acquired a new position in shares of Halliburton during the 3rd quarter worth approximately $46,000. Finally, Capital Investment Advisory Services LLC acquired a new position in shares of Halliburton during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 80.94% of the company’s stock.
A number of research analysts recently commented on HAL shares. Zacks Investment Research cut Halliburton from a “hold” rating to a “strong sell” rating in a report on Friday, January 11th. Wells Fargo & Co reiterated a “buy” rating on shares of Halliburton in a report on Sunday, January 6th. UBS Group set a $40.00 price objective on Halliburton and gave the company a “buy” rating in a report on Wednesday, January 23rd. Cowen upgraded Halliburton from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $45.00 to $35.00 in a report on Thursday, January 17th. Finally, Raymond James set a $45.00 price objective on Halliburton and gave the company a “buy” rating in a report on Wednesday, January 23rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $45.38.
Halliburton (NYSE:HAL) last announced its earnings results on Tuesday, January 22nd. The oilfield services company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.87 billion. Halliburton had a return on equity of 18.57% and a net margin of 6.90%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.53 earnings per share. Analysts anticipate that Halliburton will post 1.35 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Wednesday, March 6th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Tuesday, March 5th. Halliburton’s payout ratio is 37.89%.
In other Halliburton news, CFO Lance Loeffler sold 5,926 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $28.35, for a total value of $168,002.10. Following the sale, the chief financial officer now owns 55,885 shares of the company’s stock, valued at $1,584,339.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.54% of the stock is owned by insiders.
Halliburton Company provides a range of services and products to oil and natural gas companies worldwide. The company's Completion and Production segment offers production enhancement services, including stimulation and sand control services; and cementing services, such as bonding the well, well casing, and casing equipment.
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