Halliburton (HAL) Stock Price Target Raised at Deutsche Bank

Halliburton's (HAL) stock price target was increased at Deutsche Bank this morning after reporting $1 billion in cost cuts and better than expected fiscal 2016 second quarter results.
By Natalie Walters ,

NEW YORK (TheStreet) -- Halliburton (HAL) - Get Report  stock price target was raised to $50 from $49 at Deutsche Bank this morning. The firm maintained a "buy" rating on the shares.

That increase comes as the Houston-based oil field services company is "well positioned to see a leveraged response in the early stages of the recovery," according to the analyst note. Halliburton's significant share gains and cost cuts, $1 billion by year end, make it well-positioned to hit the firm's first fiscal 2018 earnings estimate for the company at $3.20.

Additionally, Halliburton released better than expected fiscal 2016 second quarter results yesterday. The company reported an adjusted loss of $0.14 a share, which was less than analysts' estimates of a $0.19 loss. Revenue of $3.84 billion topped Wall Street's forecast of $3.75 billion, but decreased by 35% year-over-year.

Halliburton expects to break-even in the North American space by the fiscal 2017 first quarter, CEO Dave Lesar said in a conference call on Wednesday. 

Shares of Halliburton are up 0.09% to $44.32 in pre-market trading. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate HALLIBURTON CO as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid stock price performance. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.

You can view the full analysis from the report here: HAL

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