Halliburton price target lowered to $46 from $47 at Jefferies
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 24 2024
0mins
Should l Buy HAL?
Price Target Adjustment: Jefferies has reduced Halliburton's price target from $47 to $46 while maintaining a Buy rating, anticipating in-line Q3 performance and reaffirmation of fiscal year expectations.
Future Growth Outlook: The focus will be on Halliburton's 2025 growth trajectory, with analysts projecting 7% year-over-year growth in international revenue but flat revenue in North America.
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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: 42.300
Low
28.00
Averages
32.31
High
39.00
Current: 42.300
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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- Strong Performance: Halliburton reported Q1 revenue of $5.40 billion, exceeding analyst expectations of $5.3 billion, indicating robust performance in international markets despite regional disruptions.
- Contract Wins: The multi-year agreement with Argentina's YPF is highlighted as a key milestone, with CEO Jeffrey Miller emphasizing its potential to drive growth in Latin America and Europe/Africa, offsetting challenges in the Middle East.
- North American Demand Recovery: Management noted constructive trends in North American demand, particularly driven by smaller operators, which are tightening capacity and expected to further increase equipment utilization rates.
- Future Outlook: Analysts will monitor the pace of international revenue growth and the progress of operations resumption in the Middle East, with Halliburton's ability to manage supply chain pressures and maintain margin discipline being critical performance indicators.
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- Investor Sentiment: Retail sentiment on Stocktwits shifted from 'extremely bullish' to 'bullish', with message volumes soaring 14,800%, reflecting mixed opinions on the offering, as some investors felt the pricing was too low.
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- Stock Fluctuation: Greenland Energy (GLND) saw its stock surge by 27% in early trading on Monday before pulling back, reflecting a mix of initial market optimism regarding its agreement with Halliburton (HAL) and subsequent uncertainties.
- Strategic Partnership: The agreement provides integrated consulting services and logistical management for Greenland Energy's onshore exploration activities in the Jameson Basin, ensuring best-in-class rig performance and subsurface technology, marking a key component of the company's Arctic operations strategy.
- Exploration Timeline: Following over a year of logistical planning and site preparation, Greenland Energy expects to drill its first two wells in 2026, demonstrating the company's long-term growth potential and market confidence in the region.
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- Price Increase Announcement: Halliburton has raised its target price for shares from $39 to $47.
- Market Impact: This adjustment reflects a positive outlook on Halliburton's performance and potential growth in the market.
See More
Halliburton Q1 Results Exceed Expectations
- Strong Performance: Halliburton reported Q1 revenue of $5.40 billion, exceeding analyst expectations of $5.3 billion, indicating robust performance in international markets despite regional disruptions.
- Contract Wins: The multi-year agreement with Argentina's YPF is highlighted as a key milestone, with CEO Jeffrey Miller emphasizing its potential to drive growth in Latin America and Europe/Africa, offsetting challenges in the Middle East.
- North American Demand Recovery: Management noted constructive trends in North American demand, particularly driven by smaller operators, which are tightening capacity and expected to further increase equipment utilization rates.
- Future Outlook: Analysts will monitor the pace of international revenue growth and the progress of operations resumption in the Middle East, with Halliburton's ability to manage supply chain pressures and maintain margin discipline being critical performance indicators.
See More
Mixed Close for US Stocks as Oil Prices Surge
- Oil Price Surge Impacts Market: WTI crude oil prices surged over 6% on Wednesday to a three-week high due to the US maintaining its naval blockade of Iran, raising inflation expectations and negatively impacting the stock market.
- Fed Policy Influence: The Federal Reserve kept the federal funds rate unchanged at 3.50% to 3.75% during its latest meeting, despite dissent from four members against easing bias, reflecting concerns over economic uncertainty that may dampen investor confidence.
- Strong Tech Stock Performance: The Nasdaq 100 index rose 0.58%, driven by strong earnings from NXP Semiconductors and Seagate Technology, with shares up 25% and over 10% respectively, indicating robust demand for AI infrastructure.
- Housing Data Exceeds Expectations: US March housing starts unexpectedly rose 10.8% to 1.502 million, significantly surpassing the expected decline to 1.380 million, demonstrating resilience in the housing market that could provide support for stocks.
See More
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- Stock Selection Strategy: Jim Cramer emphasizes his reluctance to buy heavily shorted stocks, as they typically lack earnings, and he would only consider investing if they have life-saving potential, reflecting his cautious approach to risk.
- Ondas Evaluation: Cramer points out that Ondas is a company with significant losses focused on intelligent or autonomous systems, but he sees a lack of distinctiveness, indicating his preference for innovation in investment choices.
- Halliburton's Investment Potential: Cramer praises Halliburton for its strong performance even in a bad oil market, asserting that it has been a great stock in favorable conditions, highlighting its resilience and investment value in the energy sector.
- Nokia's Technological Edge: Cramer expresses optimism about Nokia, noting its strong technological capabilities, and despite past volatility, its comeback suggests market recognition of its technology, hinting at potential future growth.
See More
Greenland Energy Offers 17.5 Million Shares at Discounted Price
- Capital Raising: Greenland Energy is offering 17.5 million shares at $4 each, aiming to raise approximately $70 million, representing a 26% discount to Monday's closing price of $5.41, indicating market concerns about the company's outlook.
- Investor Sentiment: Retail sentiment on Stocktwits shifted from 'extremely bullish' to 'bullish', with message volumes soaring 14,800%, reflecting mixed opinions on the offering, as some investors felt the pricing was too low.
- Drilling Agreement: Greenland Energy signed a deal with Halliburton to support its drilling campaign in the Jameson Land Basin, covering consulting, logistics, and full well services, which is expected to enhance the company's development in this high-potential area.
- Stock Price Decline: Following the financing announcement, Greenland Energy shares plummeted over 30% and approached all-time lows in pre-market trading, demonstrating a lack of investor confidence, with the stock down 39% year-to-date.
See More
Greenland Energy Partners with Halliburton for Arctic Operations
- Stock Fluctuation: Greenland Energy (GLND) saw its stock surge by 27% in early trading on Monday before pulling back, reflecting a mix of initial market optimism regarding its agreement with Halliburton (HAL) and subsequent uncertainties.
- Strategic Partnership: The agreement provides integrated consulting services and logistical management for Greenland Energy's onshore exploration activities in the Jameson Basin, ensuring best-in-class rig performance and subsurface technology, marking a key component of the company's Arctic operations strategy.
- Exploration Timeline: Following over a year of logistical planning and site preparation, Greenland Energy expects to drill its first two wells in 2026, demonstrating the company's long-term growth potential and market confidence in the region.
- Geographical Advantage: The Jameson Basin spans approximately 2 million acres and includes multiple identified targets supported by seismic data, indicating a rich resource potential that could drive significant growth for the company in the future.
See More
HALLIBURTON CO: JEFFERIES INCREASES TARGET PRICE FROM $39 TO $47
- Price Increase Announcement: Halliburton has raised its target price for shares from $39 to $47.
- Market Impact: This adjustment reflects a positive outlook on Halliburton's performance and potential growth in the market.
See More
