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THE SPARK: Raymond James analyst J. Marshall Adkins raised his rating to "Strong Buy 1" from "Outperform," and the target price to $39 a share from $34 a share.
The analysts wrote, “HAL remains constructive on growth in long-term international services demand, and deepwater drilling is expected to remain a key area. A very short-term pause may be felt as operators reevaluate deepwater processes,
But high capital commitments on multi-year programs support a quick return to solid secular growth in deepwater activity…Stronger than expected benefits of unconventional drilling activity significantly lift our assumptions for Halliburton’s NAM operations and our eps expectations. Our increased earnings estimates and forward shift in our valuation period lifts our target price to $42/shr.”
Of course, in today’s trading environment, ETF investors should use their power to reduce risk via stop-limit sell orders. Trade-ability is one of the big distinctions between ETFs and traditional mutual funds.
Halliburton vastly exceeded earnings expectations for the last quarter, citing natural gas drilling in the U.S. increasing profits by 80 percent.
The company closed at $30.27, gaining $1.10, or 3.77 percent.
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