Engineers Gate Manager LP Purchases 735,984 Shares of Halliburton Company $HAL

Key Points

• Engineers Gate Manager LP increased its Halliburton stake by 902.5% in the second quarter, purchasing 735,984 shares and ending with 817,532 shares valued at approximately $27.8 million.
• Halliburton reported quarterly earnings of $0.55 per share and revenue of $5.71 billion, exceeding analyst estimates; revenue rose 3.7% year over year.
• Analysts maintain a generally positive view, with an average “Moderate Buy” rating and a $43.10 price target, while Halliburton declared a quarterly dividend of $0.17 per share.

Engineers Gate Manager LP raised its position in Halliburton Company (NYSE:HAL - Free Report) by 902.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 817,532 shares of the oilfield services company's stock after buying an additional 735,984 shares during the quarter. Engineers Gate Manager LP owned about 0.10% of Halliburton worth $27,755,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in HAL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Halliburton by 7.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,754 shares of the oilfield services company's stock worth $2,353,000 after acquiring an additional 6,507 shares during the period. Woodline Partners LP lifted its holdings in Halliburton by 39.0% during the first quarter. Woodline Partners LP now owns 73,341 shares of the oilfield services company's stock valued at $1,861,000 after purchasing an additional 20,583 shares during the last quarter. Focus Partners Wealth lifted its holdings in Halliburton by 25.0% during the first quarter. Focus Partners Wealth now owns 52,045 shares of the oilfield services company's stock valued at $1,320,000 after purchasing an additional 10,408 shares during the last quarter. Intech Investment Management LLC boosted its position in Halliburton by 309.1% during the first quarter. Intech Investment Management LLC now owns 68,946 shares of the oilfield services company's stock worth $1,749,000 after purchasing an additional 52,092 shares during the period. Finally, Acadian Asset Management LLC bought a new position in Halliburton during the first quarter worth about $895,000. Hedge funds and other institutional investors own 85.23% of the company's stock.

Insider Activity

In related news, CFO Eric Carre sold 24,778 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.89, for a total transaction of $889,282.42. Following the transaction, the chief financial officer directly owned 148,520 shares of the company's stock, valued at approximately $5,330,382.80. This trade represents a 14.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jeffrey Slocum sold 52,572 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $35.09, for a total value of $1,844,751.48. Following the completion of the sale, the chief operating officer owned 118,730 shares of the company's stock, valued at $4,166,235.70. The trade was a 30.69% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.57% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Morgan Stanley lowered their price target on shares of Halliburton from $41.00 to $40.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 22nd. Susquehanna dropped their target price on Halliburton from $45.00 to $42.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Wolfe Research assumed coverage on Halliburton in a research report on Wednesday, July 8th. They issued a "peer perform" rating for the company. Freedom Capital upgraded Halliburton from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 22nd. Finally, UBS Group dropped their price objective on Halliburton from $40.00 to $39.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $43.10.

Halliburton Price Performance

HAL stock opened at $37.19 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.02 and a quick ratio of 1.50. Halliburton Company has a one year low of $21.46 and a one year high of $43.59. The stock has a market cap of $30.98 billion, a PE ratio of 19.47, a P/E/G ratio of 2.12 and a beta of 0.76. The firm has a 50 day simple moving average of $34.27 and a two-hundred day simple moving average of $36.70.

Halliburton (NYSE:HAL - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The oilfield services company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. Halliburton had a net margin of 7.16% and a return on equity of 18.71%. The firm had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.50 billion. During the same quarter last year, the company posted $0.55 EPS. The business's quarterly revenue was up 3.7% on a year-over-year basis. On average, analysts predict that Halliburton Company will post 2.34 EPS for the current fiscal year.

Halliburton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be given a dividend of $0.17 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.8%. Halliburton's dividend payout ratio (DPR) is presently 35.60%.

About Halliburton

Halliburton Company NYSE: HAL is a global provider of products and services for the energy industry. The company supports oil and natural gas exploration, development and production across the life cycle of a well, serving both independent and national oil companies.

Halliburton operates through two principal business segments: Completion and Production, which provides cementing, stimulation, intervention and completion services; and Drilling and Evaluation, which offers drilling services, formation evaluation, well construction, project management and related technologies.

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