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Halliburton (HAL) Gains As Market Dips: What You Should Know
Halliburton (HAL - Free Report) closed the most recent trading day at $39.35, moving +1.23% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.25%. At the same time, the Dow lost 0.22%, and the tech-heavy Nasdaq gained 5.91%.
Heading into today, shares of the provider of drilling services to oil and gas operators had gained 2.59% over the past month, outpacing the Oils-Energy sector's loss of 3.48% and the S&P 500's loss of 2.59% in that time.
Halliburton will be looking to display strength as it nears its next earnings release, which is expected to be January 24, 2023. In that report, analysts expect Halliburton to post earnings of $0.66 per share. This would mark year-over-year growth of 83.33%. Our most recent consensus estimate is calling for quarterly revenue of $5.58 billion, up 30.37% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.10 per share and revenue of $20.29 billion, which would represent changes of +94.44% and +32.66%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Halliburton. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.43% higher within the past month. Halliburton is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, Halliburton currently has a Forward P/E ratio of 18.5. For comparison, its industry has an average Forward P/E of 23.53, which means Halliburton is trading at a discount to the group.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 11% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.