- Analysts updated ratings and price target for Halliburton Company HAL after Q1 results.
- Citi analyst Scott Gruber raised the price target to $48 (an upside of 19.6%) from $44 while maintaining the Buy rating on the shares.
- Gruber states that expectations for HAL were high coming into the quarter.
- The analyst utilizes 38% increments in 2H on average, which he believes leaves room for upside given pricing power across U.S. services, a robust completion tool order book. The new Middle East chemicals facility benefits costs.
- HAL remains one of our favorite OFS stocks on pricing leverage in the U.S. and the strength of their strategy abroad, mentions Gruber.
- Related: Halliburton's Q1 Results Surpass Expectations
- Stephens analyst Cameron Lochridge downgraded Halliburton to Equal Weight from Overweight and raised the price target to $40 (a downside of 0.34%) from $37.
- The stock is now near its highest level since 2018, stated Lochridge.
- Susquehanna analyst Charles Minervino raised HAL's price target to $48 from $45 and maintained a Positive rating on the shares.
- Though supply chain issues are likely to be a headwind in the short term, Minervino believes this is a transitory challenge that increased activity and lower prices will offset.
- B of A Securities analyst Chase Mulvehill raised the price target for HAL to $47 (an upside of 17.1%) from $45 while maintaining the Buy on the shares.
- Mulvehill stated that they continue to view HAL's U.S. shale franchise as one of the eventual winners over the long term.
- The analyst further adds that cost-cutting has reset cyclical margin expectations higher, while digital penetration should lead to better FCF conversion in the coming cycle.
- NAM pricing strength ready to shine through in results.
- Mulvehill mentions that the company's frac equipment industry-wide is nearly sold out.
- Price Action: HAL shares are trading lower by 3.7% at $39.77 on the last check Wednesday.
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