NEW YORK (TheStreet) -- Halliburton Co. (HAL) - Get Report stock closed down by 3.01% to $29.28 on Monday, after trading as high as $30.66 earlier today, as plunging oil prices and weak fourth quarter revenue pressured shares.
Before the market open this morning, the oil industry service provider reported revenue that missed estimates for the 2015 fourth quarter. Earnings surpassed estimates.
Revenue dropped by 42% year-over-year to $5.08 billion for the quarter ended December 31, while analysts had estimated for revenue of $5.11 billion.
The Houston-based company posted earnings of 31 cents per share for the latest quarter, beating estimates of 24 cents per share.
"Despite lower revenues as a result of pricing concessions and activity reductions, we were able to improve operating margins during the year due to a relentless focus on cost management," CEO Dave Lesar said during a conference call with analysts on Monday morning.
"We expect the market will continue to remain challenged in 2016 and that it will be the first time since the late 1980s that global upstream spending will decline for two consecutive years," Lesar added.
By the end of the trading day, 18.8 million shares of Halliburton had been traded, compared with its average daily volume of 12.3 million shares.
Separately, Halliburton has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's solid financial position, generally disappointing stock performance, disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: HAL
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.