Jefferies Reiterates Buy on Halliburton (HAL) Following 3Q
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Jefferies reiterated a Buy rating and $58.00 price target on Halliburton (NYSE: HAL) following the company's 3Q earnings report. 2017 EPS estimates were raised by $0.10 based on higher NAM margins partially offset by lower NAM revenues and modestly lower International margins. The 2018 EPS estimate remains $3.00.
Analyst Brad Handler commented, "HAL remains our top pick in OFS as we stay focused on exposure to secular growth (US completions, in our view) and believe that HAL's competitive position globally can help drive rapid margin improvement off of bottom. We are intrigued by the conversation about asset-light, but sense it relates to not broadening/vertically integrating as opposed to pulling back from current capabilities. We tweak 2017E EPS up to $1.10 from $1.00."
Shares of Halliburton closed at $49.07 yesterday.
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