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Halliburton (HAL) Outpaces Stock Market Gains: What You Should Know
Halliburton (HAL - Free Report) closed at $29.60 in the latest trading session, marking a +0.61% move from the prior day. This change outpaced the S&P 500's 0.56% gain on the day. At the same time, the Dow added 0.41%, and the tech-heavy Nasdaq gained 1.35%.
Coming into today, shares of the provider of drilling services to oil and gas operators had lost 18.8% in the past month. In that same time, the Oils-Energy sector lost 8%, while the S&P 500 lost 1.48%.
Wall Street will be looking for positivity from Halliburton as it approaches its next earnings report date. This is expected to be April 25, 2023. On that day, Halliburton is projected to report earnings of $0.67 per share, which would represent year-over-year growth of 91.43%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.5 billion, up 28.4% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.09 per share and revenue of $23.52 billion, which would represent changes of +43.72% and +15.9%, 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.35% higher within the past month. Halliburton is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Halliburton currently has a Forward P/E ratio of 9.51. This valuation marks a discount compared to its industry's average Forward P/E of 11.21.
Investors should also note that HAL has a PEG ratio of 0.22 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Field Services industry currently had an average PEG ratio of 0.4 as of yesterday's close.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 48, putting it in the top 20% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.