Halliburton (HAL) Added as FBR Alpha Generator Pick
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FBR Capital added Halliburton (NYSE: HAL) to its Alpha Generator Pick list, replacing Independence Contract Drilling, Inc. (NYSE: ICD). The firm also reiterated an Outperform and raised its price target to $58.00 (from $53.00).
Analyst Thomas Curran commented, "For HAL, we are introducing 2018 EPS of $2.70, rolling our price target to a 2018 basis and raising it from $53 to $58 (reflecting a focal EV/EBITDA multiple of 10.9x, versus HAL's historical low, average, and high of 4.0x, 7.2x, and 17.2x), and designating the stock our new FBR Alpha Generator pick, replacing ICD. Since its addition, ICD has appreciated 17%, versus 16% for HP, 11% for the Russell 2000, and 3% for the OSX. ICD remains one of our top picks, but, over the next 6–9 months, we believe HAL offers superior risk-reward. Between now and mid-2017, we believe HAL (1) in onshore NAM will realize both peer-leading frac pricing increases and continued new technology traction, which, combined, will point to one of the strongest 2017–18 margin trajectories among pumpers; (2) abroad will reveal accomplishments in the two healthiest activity regions, the Middle East and Russia/Caspian, as well in expected early recovery countries; and (3) will change the narrative for its balance sheet from leverage constraint to acquisition capacity."
Shares of Halliburton closed at $47.02 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
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