KLP Kapitalforvaltning AS Takes a New Stake in Halliburton

KLP Kapitalforvaltning AS has recently acquired a new position in Halliburton (NYSE:HAL - Free Report), according to the latest 13F filing with the Securities and Exchange Commission (SEC) for the fourth quarter. The institutional investor purchased 350,543 shares of the oilfield services company, which is valued at about $9,531,000.

In addition to KLP Kapitalforvaltning AS, several other large investors have also adjusted their holdings in Halliburton. Mediolanum International Funds Ltd increased its stake in Halliburton by 48.2% during the fourth quarter, resulting in ownership of 71,797 shares, valued at $1,931,000 after acquiring an additional 23,340 shares. Similarly, Sumitomo Mitsui Trust Group Inc. increased its position by 3.7%, now owning 2,257,250 shares worth $61,375,000 after purchasing 80,567 additional shares. Congress Asset Management Co. entered into a new investment in Halliburton valued at approximately $621,000.

Moreover, Massachusetts Wealth Management raised its shares by 180.9% in the fourth quarter and currently owns 43,675 shares worth $1,188,000 after an additional purchase of 28,125 shares. Scott & Selber Inc. also grew its stake by 109.9%, now holding 81,335 shares valued at $2,211,000 following an additional acquisition of 42,590 shares. Overall, institutional investors own about 85.23% of Halliburton's stock.

Insider Transactions at Halliburton

In recent insider news, Vice President Timothy Mckeon sold 10,497 shares of Halliburton on March 7th, at an average price of $24.60, totaling $258,226.20. As a result of this transaction, Mckeon now holds 77,784 shares worth approximately $1,913,486.40, reflecting an 11.89% decrease in ownership. This sale was documented in a filing with the SEC. Furthermore, Chief Financial Officer Eric Carre sold 141,206 shares at an average price of $26.13 on February 11th, resulting in $3,689,712.78. After this transaction, Carre holds 127,101 shares, worth about $3,321,149.13, indicating a 52.63% decrease. In the last ninety days, insiders sold 206,782 shares totaling $5,321,170, with corporate insiders owning 0.61% of the stock.

Analysts Set New Price Targets

Various analysts have provided updates on Halliburton's stock price targets. Evercore ISI lowered its price target from $43.00 to $35.00, maintaining an "outperform" rating for the stock as of January 15th. Piper Sandler started new coverage, assigning an "overweight" rating with a $36.00 price target. UBS Group downgraded the rating from "buy" to "neutral" and decreased their price objective from $36.00 to $34.00. Additionally, Benchmark reduced its target price from $40.00 to $35.00, while Jefferies Financial Group adjusted its target from $43.00 to $41.00. Presently, there are seven analysts rating the stock as a hold and fourteen issuing buy ratings, leading to a consensus rating of "Moderate Buy" and an average price target of $37.42 according to MarketBeat.

Performance of Halliburton Stock

As of Tuesday, Halliburton shares opened at $25.59. Key financial ratios indicate a debt-to-equity ratio of 0.68, a quick ratio of 1.54, and a current ratio of 2.05. The stock has experienced a low of $23.42 and a high of $41.56 over the past fifty-two weeks. Halliburton has a market cap of $22.21 billion, a PE ratio of 9.04, and a price-to-earnings-growth ratio of 3.79. The stock's fifty-day moving average is $26.28, while the two-hundred-day average is $28.03.

Dividend Announcement from Halliburton

The company has also announced a quarterly dividend to be paid on March 26th. Shareholders of record on March 5th will receive a dividend of $0.17 per share, translating to an annualized dividend of $0.68 and a dividend yield of 2.66%. The ex-dividend date is March 5th, and Halliburton's current dividend payout ratio stands at 24.03%.

Company Overview of Halliburton

Halliburton Company engages in providing products and services to the global energy sector. Its operations are divided into two main segments: Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers various services, including production enhancement, stimulation and sand control services, cementing operations, well completion tools, and intelligent well completions.

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