UPDATE: Societe Generale Upgrades Halliburton to Buy on Strong Global Performance
In a report published Wednesday, Societe Generale analyst Edward Muztafago upgraded the rating on Halliburton Company (NYSE: HAL) from Hold to Buy, and raised the price target from $44.00 to $49.00.
In the report, Muztafago noted, “HAL shares have fallen nearly 10% from their peak in mid-February due to the recent market sell-off, and we believe a more attractive entry point has emerged. HAL's outlook is progressing better than we expected. The company is proving a standout performer in nearly all regions. North America (NAM) margins are recovering faster than we forecast and more constructive comments from the industry of a potential inflexion in NAM pricing declines suggest to us that margin pressures are likely to abate. Macondo settlement negotiations have led to a $1bn reserve providing HAL comfort to commit to paying 15%-20% of net income as dividends. Share repurchases should also become more aggressive with a systematic program now in place under the current $1.7 bn authorization.”
Halliburton Company closed on Tuesday at $39.69.
Latest Ratings for HAL
|Oct 2016||Cowen & Co.||Maintains||Market Perform|
|Oct 2016||DA Davidson||Maintains||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.