Pritchard Capital Partners Reiterates Buy Rating on Halliburton (HAL)

Pritchard Capital Partners is out with a research note this morning, where it reiterates its Buy rating on Halliburton Co. HAL following the company’s earnings report. The PCP analysts said, “(The) biggest upside was in North America. Unexpectedly, Latin America margins nearly doubled to 15.7%. There was a pickup on income tax rate as well (approximately 290 bps below our estimate). The magnitude of the surprise in North America was fueled by equipment utilization that exceeded the prior cyclical peak in 2008.” They added, “This should be positive for other U.S. land based service providers. Company cites increased activity in Latin America, which we did not foresee considering the situation in Mexico. Management using modestly cautionary language for the rate of improvement in international business, believes will be weighted toward the end of the year. We had seen steady improvement in the second half. Our estimates and price target are under review. Reiterate ‘Buy.’”