Bank of New York Mellon Corp Boosts Stock Position in Halliburton Company $HAL

Bank of New York Mellon Corp increased its position in Halliburton Company (NYSE:HAL) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,929,285 shares of the oilfield services company’s stock after acquiring an additional 96,394 shares during the quarter. Bank of New York Mellon Corp owned about 0.70% of Halliburton worth $145,860,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Halliburton during the 2nd quarter valued at $109,379,000. AQR Capital Management LLC raised its holdings in Halliburton by 85.5% during the second quarter. AQR Capital Management LLC now owns 8,610,870 shares of the oilfield services company’s stock valued at $175,490,000 after acquiring an additional 3,969,759 shares during the period. Schroder Investment Management Group lifted its position in shares of Halliburton by 762.7% in the second quarter. Schroder Investment Management Group now owns 3,265,132 shares of the oilfield services company’s stock valued at $66,543,000 after acquiring an additional 2,886,666 shares in the last quarter. Pzena Investment Management LLC boosted its stake in shares of Halliburton by 134.7% in the second quarter. Pzena Investment Management LLC now owns 3,734,069 shares of the oilfield services company’s stock worth $76,100,000 after acquiring an additional 2,142,939 shares during the period. Finally, Pacer Advisors Inc. grew its position in shares of Halliburton by 23.1% during the third quarter. Pacer Advisors Inc. now owns 10,154,605 shares of the oilfield services company’s stock worth $249,803,000 after purchasing an additional 1,906,724 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Halliburton Stock Up 0.4%

Shares of NYSE:HAL opened at $33.52 on Friday. The company has a market cap of $28.21 billion, a price-to-earnings ratio of 22.20, a PEG ratio of 1.99 and a beta of 0.78. Halliburton Company has a 12 month low of $18.72 and a 12 month high of $35.55. The company has a current ratio of 2.04, a quick ratio of 1.51 and a debt-to-equity ratio of 0.68. The company has a 50-day moving average price of $29.72 and a 200 day moving average price of $25.72.

Halliburton (NYSE:HAL) last posted its quarterly earnings data on Wednesday, January 21st. The oilfield services company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.14. The business had revenue of $5.66 billion during the quarter, compared to analyst estimates of $5.39 billion. Halliburton had a return on equity of 19.77% and a net margin of 5.78%.The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the company earned $0.73 EPS. As a group, equities research analysts predict that Halliburton Company will post 2.64 earnings per share for the current year.

Halliburton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Shareholders of record on Wednesday, December 3rd were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, December 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 2.0%. Halliburton’s payout ratio is 45.03%.

Insiders Place Their Bets

In other news, EVP Lawrence J. Pope sold 100,000 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $32.25, for a total value of $3,225,000.00. Following the completion of the sale, the executive vice president owned 419,800 shares in the company, valued at approximately $13,538,550. This trade represents a 19.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Margaret Katherine Banks sold 2,600 shares of the company’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $34.17, for a total transaction of $88,842.00. Following the transaction, the director owned 14,043 shares in the company, valued at $479,849.31. The trade was a 15.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 497,002 shares of company stock valued at $15,889,138. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

HAL has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price target on Halliburton from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, January 22nd. Redburn Partners set a $35.00 target price on shares of Halliburton in a research report on Monday, November 3rd. HSBC set a $30.00 price target on shares of Halliburton and gave the company a “buy” rating in a report on Wednesday, October 22nd. Piper Sandler increased their price objective on shares of Halliburton from $30.00 to $34.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Bank of America lifted their target price on Halliburton from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.76.

Halliburton Profile

Halliburton is one of the world’s largest providers of products and services to the energy industry, offering a broad portfolio that supports the lifecycle of oil and gas reservoirs from exploration and drilling through production and abandonment. Founded in 1919 by Erle P. Halliburton as an oil-well cementing company, the firm is headquartered in Houston, Texas and has developed into an integrated oilfield services company serving upstream operators globally.

The company’s activities encompass drilling and evaluation, well construction and completion, production enhancement and well intervention.