Halliburton Co. (HAL - Get Report) posted stronger-than-expected first quarter revenues Monday. The surge in global oil prices helped boost international drilling activity and offset rising costs in North America.
The company's adjusted earnings for the three months ending in March 2019 came in at 23 cents per share, down around 44% from the same period in 2018. Meanwhile, total revenue of $5.7 billion was approximately flat year-over-year, but surpassed estimates of $5.5 billion.
Jeff Marks, senior analyst for Jim Cramer's ActionAlertsPlus investing club, said, "it does sound like the worst may be behind them. The stock opened up big but it kind of came back a little bit at the time of this, but again I think that the worst may be behind them."
"The cycle is finally moving into their favor, which means the next direction for earnings revisions might be in a positive direction and not the continued downward cycle like they've experienced," Marks added.
Global oil prices hit six-month highs Monday amid reports that the United States will lift waivers on the purchase of Iranian crude next week, a move that would add to supply concerns in a market already reeling from OPEC production cuts.