Mitsubishi UFJ Asset Management Co. Ltd. Buys Shares of 2,046,827 Halliburton Company $HAL

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Halliburton Company (NYSE:HAL) in the 2nd quarter, Holdings Channel.com reports. The fund bought 2,046,827 shares of the oilfield services company’s stock, valued at approximately $69,489,000.

Several other hedge funds also recently modified their holdings of the business. Persistent Asset Partners Ltd bought a new position in shares of Halliburton during the 2nd quarter valued at $85,000. OneDigital Investment Advisors LLC bought a new stake in Halliburton in the second quarter worth $524,000. Plato Investment Management Ltd bought a new position in Halliburton during the second quarter valued at about $874,000. Simplicity Wealth LLC bought a new stake in shares of Halliburton during the 2nd quarter worth about $8,851,000. Finally, Wealth Effects LLC acquired a new position in shares of Halliburton during the 2nd quarter valued at about $238,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HAL. Wolfe Research initiated coverage on Halliburton in a research report on Wednesday, July 8th. They set a “peer perform” rating for the company. Griffin Securities upgraded shares of Halliburton from a “neutral” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Wednesday, April 22nd. BMO Capital Markets set a $37.00 price objective on shares of Halliburton in a report on Wednesday, July 22nd. Morgan Stanley lowered their target price on shares of Halliburton from $41.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Finally, TD Cowen dropped their target price on shares of Halliburton from $48.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Eighteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.10.

Halliburton Stock Performance

Shares of NYSE HAL opened at $35.05 on Thursday. Halliburton Company has a 12 month low of $20.78 and a 12 month high of $43.59. The company has a market cap of $29.20 billion, a P/E ratio of 18.35, a P/E/G ratio of 2.17 and a beta of 0.73. The business’s 50 day moving average is $34.11 and its two-hundred day moving average is $36.50. The company has a quick ratio of 1.50, a current ratio of 2.02 and a debt-to-equity ratio of 0.64.

Halliburton (NYSE:HAL) last posted its quarterly earnings data on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Halliburton had a return on equity of 18.71% and a net margin of 7.16%.Halliburton’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.55 earnings per share. On average, equities analysts expect that Halliburton Company will post 2.34 EPS for the current year.

Insider Buying and Selling

In related news, CFO Eric Carre sold 24,778 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.89, for a total transaction of $889,282.42. Following the completion of the transaction, the chief financial officer directly owned 148,520 shares in the company, valued at $5,330,382.80. This represents a 14.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.57% of the stock is currently owned by insiders.

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.