Halliburton Posts Upbeat Q4 Earnings; Analysts Remain Bullish

Halliburton Company (HAL) has delivered better-than-expected results for the fourth quarter of 2021.

The company engages in the provision of services and products to the energy industry, in related fields of exploration, development and production of oil and natural gas.

Q4 Earnings

Adjusted earnings doubled to $0.36 per share year-over-year, exceeding the Street’s estimate of $0.34 per share. Revenues rose 32.1% to $4.27 billion and exceeded analysts’ expectations of $4.08 billion.

The company witnessed Completion and Production sales growth of 30.2% year-over-year. Meanwhile, sales in Drilling and Evaluation segment grew 34.6%.

Chairman, President and CEO of Halliburton, Jeff Miller, said, ““I am excited about the accelerating multi-year upcycle. I expect the macro industry environment to remain supportive and the international and North America markets to continue their simultaneous growth.”

Stock Rating

J.P. Morgan analyst Arun Jayaram upgraded the rating on Halliburton to Buy from Hold and raised the price target to $32 from $30. The new price target implies 16.2% upside potential from current levels.

Jayaram said, “With an improving supply-demand balance in the NAM pressure pumping market, we think Halliburton is primed to benefit from its leading position and realize net pricing gains.”

Overall, the stock has a Strong Buy consensus based on 5 Buys and 1 Hold. The average Halliburton price target of $30.50 implies 13.6% upside potential. Shares of the company have gained 49% over the past year.

Blogger Opinion

TipRanks data shows that financial blogger opinions are 75% Bullish on HAL, compared to the oil stocks sector average of 71%.

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