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Oppenheimer is updating its numbers on Halliburton Company
HAL to account for QTD rig counts and recent discussions with the company.
“The North American rig count continues to take the lead, averaging up 5% through early December, with gas rigs up ~1% QTD and oil rigs up 13.5%,” Oppenheimer writes.
“Given further strength in NAm revenues/margins, we are raising our 4Q10 EPS estimate a penny, to $0.63, while raising both 2011 and 2012 by a nickel. After significant upside in the last two months, year-end profit taking could be a near-term headwind, but we see further stock price upside long term.”
Oppenheimer said that it is bumping up its price target to $49 from $42 based on 14.9x 2012E EPS.
Halliburton Company currently trades at $40.38.
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