Halliburton

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target of $46, up $4, reflects an 8.7x multiple of EV to projected 2024 EBITDA, slightly above HAL’s historical average. We raise our 2023 EPS estimate by $0.05 to $3.07 and cut 2024’s by $0.09 to $3.47. Q3 EPS of $0.79 vs. $0.60, beat consensus by $0.02. Q3 revenues ($5.8B) rose 8% Y/Y, driven by HAL’s international segment (+17%). Amongst the “Big 3” services firms (HAL, SLB, and BKR), HAL holds the largest North American (NA) exposure (45% of 2022 revenues) vs. its peer average (22% of 2022 revenues). The EIA forecasts WTI pricing to average ~$80/b in 2023 (vs. $95/b in 2022) and $91/b in 2024. Given that drilled but uncompleted well count (DUCs) have dropped ~47% since Q1 2020 as E&Ps turned to […]

Halliburton Announces Third Quarter 2023 Results — Net income of $0.79 per diluted share. — Revenue of $5.8 billion and operating margin of 17.9%. — International revenue growth of 17% year on year. — Repurchases of approximately $200 million of common stock. HOUSTON—-October 24, 2023– Halliburton Company (NYSE: HAL) announced today net income of $716 million, or $0.79 per diluted share, for the third quarter of 2023. This compares to net income for the second quarter of 2023 of $610 million, or $0.68 per diluted share and adjusted net income(1) , excluding the loss on transactions in Argentina, of $691 million, or $0.77 per diluted share(2) . Halliburton’s total revenue for the third quarter of 2023 was $5.8 billion, flat when compared to the second quarter of 2023. Operating income was $1.0 billion in the third quarter of 2023, a 3% increase when compared to the second quarter of 2023.