Energy products and services provider Halliburton (NYSE: HAL) has suspended business operations in Russia, effective immediately. The decision complies with the U.S. government’s sanctions against Russia following the transcontinental country’s invasion of Ukraine on February 24.
The Texas-based company stopped all shipments of some sanctioned parts and products to Russia a few weeks ago. Halliburton does not have any active joint ventures in the invading nation.
Halliburton Chairman, President, and CEO Jeff Miller said, “Since the start of this conflict, we prioritized employee safety and compliance with all relevant sanctions.”
About Halliburton
Halliburton provides services and products to the energy industry related to the exploration, development, and production of oil and natural gas. It has over 40,000 employees working in more than 70 countries.
HAL stock is currently up more than 4% today.
Wall Street’s Take
Overall, the stock has a Strong Buy consensus rating based on 10 Buys and three Holds. The average Halliburton price target of $34.38 implies 8.6% downside potential. Shares have gained around 85% in the past six months.
Investor Opinions
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Halliburton, with 23.4% of investors on TipRanks increasing their exposure to the stock over the past 30 days.
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