Why Halliburton Stock Is Down Today
Oil services company Halliburton (NYSE: HAL) delivered a first-quarter report that met analysts' expectations, but also warned of troubles ahead. Investors were disappointed, sending Halliburton shares down by as much as 10% at the open and down by 6% as of 1:28 p.m. ET, even as the broader market rebounded from Monday's sell-off.
Halliburton is the world's largest provider of hydraulic fracturing (aka fracking) services, and its results tend to fluctuate based on the price of oil and demand for drilling equipment. The company earned $0.60 per share on revenue of $5.4 billion in the first quarter compared to Wall Street's expectations for $0.60 per share in earnings on sales of $5.3 billion.
North American revenue, which accounts for nearly half the business, was down 12% year over year, but that slide was partially offset by higher revenues from the Middle East and European markets.
Source Fool.com
Halliburton Co. Stock
With 36 Buy predictions and not a single Sell prediction Halliburton Co. is an absolute favorite of our community.
At the moment Halliburton Co. has reached the predicted target price of 29 €, with a current price of 28.73 €.
