Halliburton (NYSE:HAL) Reaches New 52-Week High Following Dividend Announcement

Halliburton Company (NYSE:HAL) shares hit a new 52-week high during trading on Thursday after the company announced a dividend. The company traded as high as $35.61 and last traded at $35.1830, with a volume of 1558238 shares. The stock had previously closed at $34.77.

The newly announced dividend which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 4th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, March 4th. Halliburton’s dividend payout ratio (DPR) is currently 45.03%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on HAL shares. UBS Group boosted their price objective on Halliburton from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Argus lifted their price target on Halliburton from $31.00 to $39.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Halliburton in a research report on Wednesday, January 21st. Weiss Ratings restated a “hold (c-)” rating on shares of Halliburton in a research report on Monday, December 29th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $39.00 target price on shares of Halliburton in a research note on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $34.95.

Halliburton Stock Up 1.2%

The firm’s 50 day moving average price is $31.57 and its 200-day moving average price is $26.82. 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 market cap of $29.47 billion, a P/E ratio of 23.26, a price-to-earnings-growth ratio of 2.01 and a beta of 0.77.

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

Insider Buying and Selling

In other Halliburton news, CEO Jeffrey Allen Miller sold 171,200 shares of the firm’s stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $34.96, for a total transaction of $5,985,152.00. Following the transaction, the chief executive officer owned 1,101,243 shares in the company, valued at approximately $38,499,455.28. This trade represents a 13.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Van H. Beckwith sold 54,348 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $34.96, for a total transaction of $1,900,006.08. Following the transaction, the executive vice president owned 344,535 shares of the company’s stock, valued at approximately $12,044,943.60. This represents a 13.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 337,002 shares of company stock worth $11,445,938. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Halliburton

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Research Global Investors raised its holdings in Halliburton by 81.8% during the third quarter. Capital Research Global Investors now owns 91,030,451 shares of the oilfield services company’s stock worth $2,239,349,000 after acquiring an additional 40,969,139 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Halliburton by 82,596.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 29,771,388 shares of the oilfield services company’s stock worth $841,339,000 after purchasing an additional 29,735,387 shares in the last quarter. Strive Asset Management LLC acquired a new stake in shares of Halliburton in the 3rd quarter valued at approximately $418,738,000. Norges Bank bought a new position in shares of Halliburton in the fourth quarter valued at $169,304,000. Finally, Holocene Advisors LP acquired a new position in Halliburton during the third quarter worth $147,315,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

About Halliburton

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.