Oil field service corporation Halliburton Company (NYSE: HAL) recently announced the opening of its first Chemical Reaction Plant in Saudi Arabia’s PlasChem Park in Jubail to cater to the needs of oil and gas and other industries.
Following the news, shares of the company rose slightly to close at $32.25 in Tuesday’s extended trading session.
The new facility enhances Halliburton’s presence in the Middle East. It has the capability to produce a diverse range of chemicals for the prevalent industries of the region. Further, the facility bolsters the company’s specialty chemicals research abilities and applications for oilfield stimulation and production.
The CEO of Halliburton, Jeff Miller, said, “This world-class plant is part of our more than $1 billion commitment to Saudi Arabia over the past ten years. It further increases our in-country presence and supports the In Kingdom Total Value Add program by providing new opportunities to local suppliers, vendors, other manufacturing partners, and the local workforce.”
Consensus among analysts is a Strong Buy based on 9 Buys and 3 Holds. The average Halliburton stock prediction of $33.08 implies upside potential of 3% from current levels. Shares have gained 44.1% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on HAL, as 19.6% of portfolios tracked by TipRanks increased their exposure to HAL stock over the past 30 days.
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