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Hit to Halliburton Shares Overdone, According to Citigroup


Citigroup has published a research report on Halliburton Company (NYSE: HAL) after the company reported its 3Q earnings results.

In the report, Citigroup writes, "HAL reported 3Q11 EPS of $0.94, which was exactly in line with our $0.94 estimate and a slight beat relative to the $0.92 consensus estimate. The results demonstrate that North America remains a robust market and that international is on track for a gradual recovery. HAL shares are down mainly on management comments that drilling in the dry gas basins of the U.S. is expected to slow and international markets remain very competitive."

Citigroup maintains its Buy rating and $46 price target on Halliburton, which is currently trading down $2.34 from its $37.43 closing price on Friday.


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