Halliburton Company (HAL) has posted better-than-expected Q3 earnings for the third quarter of 2021. The company provides various services and products to the energy industry.
Adjusted earnings more than doubled to $0.28 per share year-over-year, beating the Street’s estimate of $0.27 per share. Revenues rose 29.7% to $3.86 billion but lagged the analysts’ expectations of $3.91 billion. (See Halliburton stock chart on TipRanks)
The company witnessed Completion and Production sales growth of 35.7% year-over-year. Meanwhile, sales of Drilling and Evaluation segment grew 23.1%.
The Chairman, President and CEO of Halliburton, Jeff Miller, said, “I believe our value proposition, technology differentiation, digital adoption, and capital efficiency will allow us to deliver profitable growth internationally and maximize value in North America. Halliburton will continue to execute our key strategic priorities to deliver industry-leading returns and strong free cash flow for our shareholders”
Last week, Northland Capital Markets analyst Douglas Becker maintained a Hold rating on Halliburton and raised the price target to $27 from $24. The new price target implies 3.5% upside potential from current levels. (See Analysts’ Top Stocks on TipRanks)
Overall, the stock has a Moderate Buy consensus based on 9 Buys and 4 Holds. The average Halliburton price target of $26.48 implies 1.5% upside potential.
According to TipRanks’ Smart Score system, Halliburton gets a 6 out of 10, which indicates that the stock is likely to perform in line with market averages.
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