Wells Fargo Initiates Coverage on Halliburton (HAL) with an Outperform; Most Attractive Risk-Reward of its Peers
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Wells Fargo initiates coverage on Halliburton (NYSE: HAL) with an Outperform. Valuation range of $35-41.
Wells analyst says, "We think HAL offers the most attractive risk-reward of the Big 4, as its consensus 2010-11 EPS growth expectations are second only to WFT's, but it's trading in line with the mean of the other 3. Since 2002, HAL has made infrastructure and technology investments, and employed strategies in international land and shelf, North American unconventional land, and global deepwater markets resulting in positions, won or enhanced, that not only buttress 2010-11 expectations, but also virtually ensure that it will be one of the long-term, secular winners, in our view. Also, we think HAL's ongoing interest in M&A and robust balance sheet suggest deals are probable and its returns record that any such deals should be accretive...Gains in Eastern land/shelf markets, and across deepwater basins, have firmly placed it within the "Top 2" in both secular growth areas. While, on North America land, HAL's bundling strategy, and high-end tool kit have mitigated the downturn's impact and best positioned it for the next upcycle. Accretive M&A deals also seem highly likely."
To see more analyst ratings on HAL Click Here.
Halliburton Company provides various products and services to the energy industry for the exploration, development, and production of oil and gas properties worldwide.
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