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UPDATE: Societe Generale Upgrades Halliburton to Buy on Strong Global Performance

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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

DateFirmActionFromTo
Feb 2015BMO CapitalInitiates Coverage onOutperform
Jan 2015CitigroupMaintainsBuy
Jan 2015JefferiesMaintainsBuy

View More Analyst Ratings for HAL
View the Latest Analyst Ratings

Posted-In: Societe GeneraleAnalyst Color Upgrades Analyst Ratings

 

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