Are Wall Street Analysts Bullish on Halliburton Stock?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2024
0mins
Source: NASDAQ.COM
Company Overview and Market Performance: Halliburton Company, a major player in the energy sector with a market cap of $26.5 billion, has seen its shares decline by 21.2% over the past year, significantly underperforming the S&P 500 Index which rose nearly 35.5%. Analysts predict a slight decrease in earnings per share for the current fiscal year.
Analyst Ratings and Price Targets: Despite recent challenges, Halliburton holds a consensus rating of "Strong Buy" among analysts, with a mean price target of $39.82 indicating a potential upside. However, Barclays analyst J. David Anderson has lowered the price target from $47 to $43, citing concerns about future growth amid industry consolidation.
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Analyst Views on HAL
Wall Street analysts forecast HAL stock price to fall
18 Analyst Rating
12 Buy
6 Hold
0 Sell
Moderate Buy
Current: 40.400
Low
28.00
Averages
32.31
High
39.00
Current: 40.400
Low
28.00
Averages
32.31
High
39.00
About HAL
Halliburton Company is a provider of products and services to the energy industry. The Company operates through two segments: Completion and Production and the Drilling and Evaluation. The Completion and Production segment delivers cementing, stimulation, specialty chemicals, intervention, pressure control, artificial lift, and completion products and services. The segment consists of artificial lift, cementing, completion tools, multi-chem, pipeline and process services, production enhancement, and production solutions. The Drilling and Evaluation segment provides field and reservoir modeling, drilling fluids, evaluation and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities. Its product service lines include Baroid, drill bits and services, Halliburton project management, landmark software and services, Sperry drilling, testing and subsea and wireline and perforating.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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New Target Price: The new target price is set at $55, an increase from the previous $37.
See More
Middle East Conflict Causes Global Oil Shortage
- Global Oil Shortage: Shell CEO Wael Sawan reported a current oil shortage of nearly one billion barrels, primarily due to locked-in and unproduced crude, with the gap deepening daily, indicating a long recovery process ahead.
- Limited Consumption Impact: Despite reduced oil supplies, jet fuel consumption in the airline industry has only declined by about 5%, reflecting a relatively mild demand destruction, yet the market faces the largest supply disruption in history.
- Strait of Hormuz Blockade: The International Energy Agency noted that Iran has effectively blockaded the Strait of Hormuz, impacting about 20% of global oil supplies, with normal export recovery expected to take months, disrupting global supply chains.
- Future Shortage Risks: ConocoPhillips executives warned that as summer approaches, import-dependent countries may face severe fuel shortages, particularly between June and July, as the impact of lost Middle Eastern oil supplies becomes increasingly apparent.
See More
Citadel's Stake in GLND Boosts Market Confidence
- Stake Increase: Citadel's acquisition of a 9.2% stake in GLND, alongside Kenneth Griffin's 9.3% ownership, indicates growing institutional confidence in the company, potentially attracting further investor interest.
- Oil Basin Potential: An independent evaluation revealed that the Jameson Land basin has a recoverable oil potential of over 13 billion barrels, ranking it as the 13th largest undeveloped oil accumulation globally, which could enhance GLND's market valuation and investment appeal.
- Strategic Partnership: The consulting agreement with Halliburton will support GLND's 2026 onshore drilling campaign in the Jameson Land Basin, ensuring efficient management of equipment and services, thereby increasing the likelihood of project success and operational efficiency.
- Market Sentiment: Despite a 61% decline in GLND's stock price year-to-date, bullish sentiment persists on Stocktwits, indicating optimistic expectations for the company's future, which may facilitate a price rebound.
See More
U.S. Stock Market Retreats as Oil Prices Surge
- Market Retreat: The S&P 500 Index fell by 0.40%, the Dow Jones Industrial Average by 0.51%, and the Nasdaq 100 by 0.28%, indicating a retreat in market sentiment as rising oil prices weigh on investor confidence and raise concerns about future economic prospects.
- Strong Employment Data: Initial jobless claims in the U.S. rose by 10,000 to 200,000, indicating a stronger labor market than the expected 205,000, while continuing claims unexpectedly fell by 10,000 to a 2.25-year low of 1.766 million, showcasing economic resilience.
- Productivity and Costs: U.S. Q1 nonfarm productivity increased by 0.8%, surpassing expectations of 0.6%, while unit labor costs rose by 2.3%, below the anticipated 2.5%, which may influence future inflation expectations and Fed policy decisions.
- Fed Policy Outlook: Boston Fed President indicated that interest rates should remain at “mildly restrictive” levels, suggesting that if inflation trends worsen significantly, a reassessment of policy would be necessary, with markets pricing in only a 6% chance of a rate cut at the next FOMC meeting.
See More
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- Tech Stock Surge: Datadog reported Q1 revenue of $1.01 billion, exceeding the consensus of $957.8 million, leading to a stock price increase of over 30%, which boosts overall market sentiment and reflects strong recovery in the tech sector amid high investor expectations for artificial intelligence.
- Stable Labor Market: Initial jobless claims rose by 10,000 to 200,000, lower than the expected 205,000, indicating resilience in the labor market, while continuing claims unexpectedly fell by 10,000 to a 2.25-year low of 1.766 million, further enhancing market confidence.
- Crude Oil Price Decline: WTI crude oil prices fell by more than 4% as markets await updates on a potential US-Iran peace deal that could reopen the Strait of Hormuz, negatively impacting energy producers and leading to widespread declines in related stocks.
- Fed Policy Outlook: Boston Fed President indicated that interest rates should remain at
See More
Barclays: Best Time in Two Decades to Buy Oil Service Stocks
- Sector Upgrade: Barclays upgraded the U.S. energy service and technology sector from neutral to positive, raising ratings for oil service providers like Halliburton from equal weight to overweight, reflecting confidence in the sector's future performance.
- Oil Price Volatility: Although oil prices fell to $90.51 per barrel due to reports of a potential U.S.-Iran deal, nearly 20% down from early April's peak, Barclays analysts believe Middle Eastern events will lead to structurally higher oil prices, driving a multi-year upstream spending cycle.
- Positive Outlook for Halliburton: Barclays raised Halliburton's 12-month price target from $37 to $55, implying a 36% upside from Wednesday's close, indicating significant benefits for the company amid rising oil prices.
- Offshore Services Potential: Barclays also upgraded Patterson-UTI Energy and ProPetro Holding to overweight, forecasting an increase in active deepwater rigs from 122 to 131 by the end of 2027, which will provide a tailwind for offshore oil service companies.
See More
