Shares of Halliburton Company (NYSE:HAL) reached a new 52-week high during trading on Thursday, climbing to a peak of $35.61 before closing at $35.1830. This surge followed the announcement of a dividend that is set to be paid on March 25, 2024. The company’s stock saw a trading volume of 1,558,238 shares, significantly higher than its previous closing price of $34.77.
The newly declared dividend amounts to $0.17 per share, which translates to an annualized dividend of $0.68 and a yield of 1.9%. Shareholders of record as of March 4, 2024, will be eligible for this payment. The ex-dividend date is also set for March 4. Halliburton currently maintains a dividend payout ratio of 45.03%.
Analyst Ratings and Stock Performance
Recent analyst reports have been largely positive regarding Halliburton’s stock. Notably, Argus raised its price target from $31.00 to $39.00, rating it as a “buy” on January 23, 2024. Similarly, Royal Bank of Canada increased its target from $36.00 to $38.00 and assigned an “outperform” rating.
Zacks Research upgraded Halliburton from a “strong sell” to a “hold” rating as of October 23, 2023. In a report dated January 22, 2024, JPMorgan Chase & Co. increased its price objective from $30.00 to $35.00, giving the stock an “overweight” rating. Wall Street Zen also upgraded Halliburton from “hold” to “strong-buy” on February 14, 2024.
Currently, two research analysts have rated the stock as a strong buy, while thirteen have given it a buy rating and eight have assigned a hold rating. According to MarketBeat, the average rating stands at “Moderate Buy” with a price target of $34.95.
In terms of stock performance, Halliburton’s 50-day moving average is $31.57, while its 200-day moving average is $26.82. The company has a market capitalization of $29.47 billion, with a price-to-earnings (P/E) ratio of 23.26 and a P/E/G ratio of 2.01. Its debt-to-equity ratio is 0.68, and it has a current ratio of 2.04 and a quick ratio of 1.51.
Recent Financial Performance and Insider Transactions
Halliburton recently reported its quarterly earnings on January 21, 2024, revealing earnings per share of $0.69. This figure exceeded analysts’ expectations of $0.55 by $0.14. The company recorded a net margin of 5.78% and a return on equity of 19.77%. Revenue for the quarter reached $5.66 billion, surpassing the consensus estimate of $5.39 billion and reflecting a year-over-year increase of 0.8%.
Insider transactions have seen notable activity as well. CEO Jeffrey Allen Miller sold 171,200 shares on January 23, 2024, at an average price of $34.96, resulting in a total sale value of approximately $5,985,152. Following this transaction, Miller retained 1,101,243 shares, valued at around $38,499,455.28, marking a 13.45% decrease in his stake.
Additionally, EVP Lawrence J. Pope sold 100,000 shares on January 5, 2024, for a total of $3,225,000. This sale decreased his ownership of the stock by 19.24%. Over the past three months, insiders have sold a total of 337,002 shares, amounting to approximately $11,445,938. Currently, insiders hold 0.56% of the company’s stock.
Institutional investors have also made adjustments to their holdings in Halliburton. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake by 7.5% in the first quarter, now owning 92,754 shares valued at $2,353,000. Other firms, including Woodline Partners LP and Focus Partners Wealth, have also boosted their positions significantly.
Currently, institutional investors own approximately 85.23% of Halliburton’s stock.
Founded in 1919 and headquartered in Houston, Texas, Halliburton is a leading provider of products and services for the energy sector. Its operations cover the entire lifecycle of oil and gas reservoirs, from exploration and drilling to production and abandonment.
