Covalent Partners LLC Cuts Holdings in Halliburton (NYSE:HAL)
Covalent Partners LLC lessened its stake in shares of Halliburton (NYSE:HAL) by 42.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 134,000 shares of the oilfield services company’s stock after selling 99,000 shares during the period. Halliburton comprises approximately 5.9% of Covalent Partners LLC’s investment portfolio, making the stock its 7th largest holding. Covalent Partners LLC’s holdings in Halliburton were worth $3,047,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HAL. Asset Planning Services Ltd. raised its holdings in Halliburton by 903.2% during the second quarter. Asset Planning Services Ltd. now owns 1,254 shares of the oilfield services company’s stock worth $29,000 after acquiring an additional 1,129 shares in the last quarter. Meridian Wealth Management LLC bought a new stake in Halliburton during the second quarter worth about $32,000. Berman Capital Advisors LLC raised its holdings in Halliburton by 46.0% during the first quarter. Berman Capital Advisors LLC now owns 1,253 shares of the oilfield services company’s stock worth $36,000 after acquiring an additional 395 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new stake in Halliburton during the second quarter worth about $45,000. Finally, Dougherty Wealth Advisers LLC bought a new stake in Halliburton during the second quarter worth about $45,000. Institutional investors and hedge funds own 77.70% of the company’s stock.
In other news, Director William E. Albrecht bought 8,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were bought at an average price of $19.35 per share, with a total value of $154,800.00. Following the completion of the transaction, the director now owns 16,000 shares of the company’s stock, valued at $309,600. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is currently owned by corporate insiders.
Halliburton (NYSE:HAL) last posted its earnings results on Monday, July 22nd. The oilfield services company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.30 by $0.05. Halliburton had a return on equity of 13.76% and a net margin of 5.58%. The company had revenue of $5.93 billion for the quarter, compared to the consensus estimate of $5.97 billion. During the same quarter in the prior year, the business earned $0.58 earnings per share. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. Equities research analysts expect that Halliburton will post 1.32 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Tuesday, September 3rd. Halliburton’s payout ratio is 37.89%.
Several analysts recently issued reports on HAL shares. Stephens dropped their target price on Halliburton from $45.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, July 23rd. Cowen reiterated an “outperform” rating and set a $35.00 target price (up previously from $33.00) on shares of Halliburton in a report on Tuesday, July 23rd. Wells Fargo & Co dropped their target price on Halliburton from $30.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday. Edward Jones lowered Halliburton from a “buy” rating to a “hold” rating in a report on Monday, June 10th. Finally, Barclays dropped their target price on Halliburton from $33.00 to $31.00 and set an “overweight” rating on the stock in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $38.00.
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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