RBC Capital Thinks Halliburton’s Stock is Going to Recover

By Jason Carr

RBC Capital analyst Kurt Hallead reiterated a Buy rating on Halliburton (NYSE: HAL) yesterday and set a price target of $65. The company’s shares closed yesterday at $41.50, close to its 52-week low of $40.12.

According to TipRanks.com, Hallead is a 3-star analyst with an average return of 0.9% and a 39.7% success rate. Hallead covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Energy Transfer Partners LP, and Ncs Multistage Holdings Inc.

Currently, the analyst consensus on Halliburton is Strong Buy and the average price target is $58.89, representing a 41.9% upside.

In a report issued on June 21, Barclays also maintained a Buy rating on the stock with a $50 price target.

Based on Halliburton’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $4.28 billion and GAAP net loss of $32 million. In comparison, last year the company earned revenue of $4.2 billion and had a GAAP net loss of $2.41 billion.

Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HAL in relation to earlier this year. Most recently, in February 2017, Murry Gerber, a Director at HAL bought 5,390 shares for a total of $307,817.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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 business segments. The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, and completion services. The Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation, and wellbore placement solutions that enable customers to model, measure, and optimize their well construction activities. The company was founded by Erle P. Halliburton in 1919 and is headquartered in Houston, TX.,000LDD-E