BMO Capital Raises Price Target on Halliburton (HAL) Following 3Q Report

BMO Capital reiterated an Outperform rating on Halliburton (NYSE: HAL), and raised the price target to $58.00 (from $50.00), following the company's 3Q earnings report. HAL reported EPS of $0.01 with strong operating cashflow. EBITDA of $503mm beat consensus by 8%.

Analyst Daniel Boyd commented, "We reiterate our Outperform rating. We see potential for HAL’s “asset light” strategy to generate higher full-cycle free cash flow, especially relative to EPS. In other words, $3 in EPS could be the new $4 from a FCF perspective. We are raising our 2017E EPS to $1.02 from $0.82 and tweaking 2018E lower to $3.07 from $3.11. We are also raising our target to $58 from $50 due to increased confidence in higher full-cycle free cash flow generation."

For an analyst ratings summary and ratings history on Halliburton click here. For more ratings news on Halliburton click here.

Shares of Halliburton closed at $49.07 yesterday.

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