NEW YORK (TheStreet) -- Shares of Halliburton (HAL - Get Report) are increasing 0.78% to $45.34 in pre-market trading Wednesday after the oil field services company posted better-than-expected results for the 2016 second quarter.
Before today's market open, the Houston-based company reported an adjusted loss of 14 cents per share, narrower than the loss of 19 cents per share that analysts had projected.
Revenue slumped 35% to $3.84 billion year-over-year, but was above Wall Street's estimates of $3.75 billion.
"Our second quarter results showed resilience in the face of another challenging quarter marked by lower activity levels and continued pricing pressure around the globe," CEO Dave Lesar said in a statement.
The company said North American operations revenue plunged 43% amid lower activity throughout the U.S. land sector, especially pressure pumping services and drilling activity, the Wall Street Journal noted.
Additionally, Halliburton posted $3.5 billion of costs related to calling off its merger with Baker Hughes (BHI) in May, and about $423 million of other impairments and charges during the period.
Lesar added that the company believes the North America market has "turned."
"We expect to see a modest uptick in rig count during the second half of the year. With our growth in market share during the downturn, we believe we are best-positioned to benefit from any recovery, including a modest one," he said.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. Among the primary strengths of the company is its solid stock price performance.
But the team also finds weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.
Recently, 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.
You can view the full analysis from the report here: HAL