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Halliburton (HAL) Stock Sinks As Market Gains: Here's Why
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Halliburton (HAL - Free Report) closed the latest trading day at $40.94, indicating a -0.41% change from the previous session's end. This change lagged the S&P 500's daily gain of 0.74%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, added 1.68%.
The provider of drilling services to oil and gas operators's stock has climbed by 12.54% in the past month, exceeding the Oils-Energy sector's gain of 8.96% and the S&P 500's gain of 0.8%.
Market participants will be closely following the financial results of Halliburton in its upcoming release. The company plans to announce its earnings on April 23, 2024. The company is forecasted to report an EPS of $0.74, showcasing a 2.78% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.68 billion, up 0.1% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.42 per share and revenue of $24.32 billion, which would represent changes of +9.27% and +5.67%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Halliburton. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.03% lower within the past month. As of now, Halliburton holds a Zacks Rank of #3 (Hold).
In the context of valuation, Halliburton is at present trading with a Forward P/E ratio of 12.01. This denotes a discount relative to the industry's average Forward P/E of 17.99.
We can additionally observe that HAL currently boasts a PEG ratio of 1.03. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. HAL's industry had an average PEG ratio of 1.03 as of yesterday's close.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 190, which puts it in the bottom 25% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Halliburton (HAL) Stock Sinks As Market Gains: Here's Why
Halliburton (HAL - Free Report) closed the latest trading day at $40.94, indicating a -0.41% change from the previous session's end. This change lagged the S&P 500's daily gain of 0.74%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, added 1.68%.
The provider of drilling services to oil and gas operators's stock has climbed by 12.54% in the past month, exceeding the Oils-Energy sector's gain of 8.96% and the S&P 500's gain of 0.8%.
Market participants will be closely following the financial results of Halliburton in its upcoming release. The company plans to announce its earnings on April 23, 2024. The company is forecasted to report an EPS of $0.74, showcasing a 2.78% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.68 billion, up 0.1% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.42 per share and revenue of $24.32 billion, which would represent changes of +9.27% and +5.67%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Halliburton. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.03% lower within the past month. As of now, Halliburton holds a Zacks Rank of #3 (Hold).
In the context of valuation, Halliburton is at present trading with a Forward P/E ratio of 12.01. This denotes a discount relative to the industry's average Forward P/E of 17.99.
We can additionally observe that HAL currently boasts a PEG ratio of 1.03. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. HAL's industry had an average PEG ratio of 1.03 as of yesterday's close.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 190, which puts it in the bottom 25% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.