Halliburton (HAL) Stock Slips as Oil Prices Drop
NEW YORK (TheStreet) -- Shares of Halliburton (HAL) - Get Report are down 0.73% to $45.13 this morning as oil prices slump.
Crude oil (WTI) is down 1.83% to $45.11 per barrel and Brent crude is falling 1.87% to $46.72 per barrel.
Oil prices are lower this morning after an attempted coup in Turkey on Friday, CNBC reports.
An oil chokepoint in Istanbul that handles about 3% of global shipments reopened on Saturday after closing due to the unrest in the country.
A report by Morgan Stanley raised concerns about the long-term outlook on oil usage. Demand for petrochemicals rather than diesel and gas is impacting the outlook for crude oil demand, the report said.
Halliburton is a Houston-based service and product provider for the oil and natural gas industry. The company reports second quarter 2016 earnings on Wednesday, July 20 before the market open.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
Among the primary strengths of the company is its solid stock price performance. At the same time, however, TheStreet Ratings finds weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: HAL
ecently, 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.