Halliburton Analysts Lower Their Forecasts After Q3 Results

Author: Avi Kapoor | July 22, 2024 09:23am

Halliburton Company (NYSE:HAL) reported worse-than-expected second-quarter revenue results on Friday.

Halliburton reported second-quarter 2024 revenue of $5.833 billion, missing the consensus of $5.949 billion. EPS of 80 cents was in line with the consensus, according to data from Benzinga Pro.

Completion and Production revenue was $3.4 billion, flat Q/Q, while Drilling and Evaluation revenue came in at $2.4 billion, flat Q/Q.

International revenue was $3.4 billion, an increase of 3% Q/Q, with revenue from Latin America flat Q/Q, Europe/Africa +4% Q/Q, and Middle East/Asia +5% Q/Q.

Jeff Miller, Chairman, President, and CEO, said, "In our international markets we see strong demand for Halliburton's services, high activity levels, and equipment tightness across all major basins."

Halliburton shares fell 5.6% to close at $34.40 on Friday.

These analysts made changes to their price targets on Halliburton following the announcement.

• Susquehanna analyst Charles Minervino maintained Halliburton with a Positive rating, while lowering the price target from $49 to $46.
• Piper Sandler analyst Luke Lemoine maintained the stock with an Overweight rating and cut the price target from $46 to $40.

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Posted In: HAL