Maryland State Retirement & Pension System Purchases Shares of 70,652 Halliburton (NYSE:HAL)

Posted by Defense World Staff on Mar 26th, 2023

Maryland State Retirement & Pension System purchased a new stake in Halliburton (NYSE:HAL – Get Rating) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 70,652 shares of the oilfield services company’s stock, valued at approximately $2,780,000.

A number of other hedge funds also recently bought and sold shares of HAL. Barrow Hanley Mewhinney & Strauss LLC raised its position in Halliburton by 60.4% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,746,026 shares of the oilfield services company’s stock valued at $215,328,000 after purchasing an additional 3,294,360 shares in the last quarter. Eaton Vance Management raised its position in shares of Halliburton by 389.1% during the 3rd quarter. Eaton Vance Management now owns 3,609,660 shares of the oilfield services company’s stock worth $88,870,000 after acquiring an additional 2,871,705 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Halliburton by 67.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 5,988,632 shares of the oilfield services company’s stock worth $187,804,000 after acquiring an additional 2,408,261 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Halliburton by 1,348.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,237,800 shares of the oilfield services company’s stock worth $70,177,000 after acquiring an additional 2,083,346 shares in the last quarter. Finally, Eagle Asset Management Inc. acquired a new stake in shares of Halliburton during the 3rd quarter worth about $50,767,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on Halliburton from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 25th. Citigroup cut their target price on Halliburton from $47.00 to $44.00 and set a “buy” rating on the stock in a research report on Wednesday. The Goldman Sachs Group raised their target price on Halliburton from $40.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, January 30th. HSBC raised their price target on Halliburton from $43.90 to $57.00 and gave the stock a “buy” rating in a research note on Monday, January 30th. Finally, Wolfe Research upgraded Halliburton from an “underperform” rating to an “outperform” rating and set a $51.00 price target on the stock in a research note on Thursday, January 12th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $48.44.

Insider Activity

In other news, EVP Van H. Beckwith sold 5,477 shares of the firm’s stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $39.42, for a total value of $215,903.34. Following the completion of the sale, the executive vice president now directly owns 250,026 shares of the company’s stock, valued at approximately $9,856,024.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Eric Carre sold 12,325 shares of Halliburton stock in a transaction on Friday, January 6th. The stock was sold at an average price of $39.91, for a total transaction of $491,890.75. Following the completion of the transaction, the chief financial officer now directly owns 128,178 shares of the company’s stock, valued at $5,115,583.98. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Van H. Beckwith sold 5,477 shares of Halliburton stock in a transaction on Friday, January 6th. The stock was sold at an average price of $39.42, for a total value of $215,903.34. Following the transaction, the executive vice president now directly owns 250,026 shares of the company’s stock, valued at $9,856,024.92. The disclosure for this sale can be found here. Insiders sold 29,359 shares of company stock valued at $1,179,733 in the last three months. 0.57% of the stock is currently owned by company insiders.

Halliburton Trading Up 0.6 %

Shares of HAL stock opened at $29.60 on Friday. The business’s 50 day moving average is $37.14 and its two-hundred day moving average is $35.34. Halliburton has a twelve month low of $23.30 and a twelve month high of $43.99. The company has a market capitalization of $26.76 billion, a P/E ratio of 17.11, a price-to-earnings-growth ratio of 0.23 and a beta of 2.12. The company has a current ratio of 2.05, a quick ratio of 1.50 and a debt-to-equity ratio of 0.99.

Halliburton (NYSE:HAL – Get Rating) last posted its quarterly earnings results on Tuesday, January 24th. The oilfield services company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.67 by $0.05. The business had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.59 billion. Halliburton had a return on equity of 26.25% and a net margin of 7.74%. The company’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same period last year, the firm earned $0.92 EPS. Equities analysts forecast that Halliburton will post 3.09 EPS for the current year.

Halliburton Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 29th. Stockholders of record on Wednesday, March 1st will be issued a $0.16 dividend. This is a boost from Halliburton’s previous quarterly dividend of $0.12. This represents a $0.64 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Tuesday, February 28th. Halliburton’s dividend payout ratio (DPR) is currently 36.99%.

About Halliburton

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Halliburton Co engages in the provision of services and products to the energy industry related to the exploration, development, and production of oil and natural gas. It operates through the Completion and Production, and Drilling and Evaluation segments. The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, and completion services.