Halliburton (HAL) Touches 52-Week High As Crude Rallies
Zacks Investment Research | Aug 21, 2016 10:14PM ET
Shares of Halliburton Company (NYSE:HAL) hit a 52-week high of $46.90 on Aug 19, 2016. Shares closed at $46.85, reflecting a solid return of 37.6% year to date. The average trading volume for the last three months aggregated 8,710,253 shares. Over the past 52 weeks, the company’s shares ranged from a low of $27.64 to a high of $46.90.
The improvement on the crude front followed Russia’s plans of meeting OPEC members in September for a possible output cut. This brought a ray of hope for oilfield services major like Halliburton. In details, over the past few trading days, West Texas Intermediate (WTI) crude futures surged more than 20% from a low settlement price of $39.50 on Aug 2. With crude on a bull-run, exploration and production companies will get a strong incentive to produce more oil. This will directly increase contracts for oilfield services players for setting up oil wells.
Moreover, Halliburton is among the top three players in each of its product/service categories, and is present in all major hydrocarbon-producing regions of the world. The company enjoys a strong relationship with both publicly traded and national oil companies worldwide. We also appreciate Halliburton’s cost-cutting initiatives like reducing headcount and consolidating facilities.
Additionally, the company Zacks Investment Research
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