HSBC analyst Samantha Hoh upgraded the rating on Halliburton to a Buy today, setting a price target of $30.00.
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Samantha Hoh’s rating is based on Halliburton’s impressive third-quarter performance and strategic investments that position the company for future growth. Despite facing macroeconomic challenges, Halliburton reported a 2% increase in quarterly revenue, surpassing management’s expectations. The company achieved this through effective cost management, which led to an improvement in operating margins. Additionally, Halliburton’s strategic decision to invest in VoltaGrid, a power company, enhances its capabilities in delivering distributed power solutions, particularly for the data center industry.
Samantha Hoh also highlights Halliburton’s proactive approach to capital allocation, focusing on equipment that meets return thresholds, which is expected to drive recovery in North America. The company’s guidance for future quarters suggests continued margin improvements and revenue growth, supported by investments in new technologies. The decision to upgrade the stock to a Buy rating and increase the target price to USD30.00 reflects confidence in Halliburton’s ability to capitalize on its strategic initiatives and market opportunities, offering potential upside for investors.
According to TipRanks, Hoh is a 2-star analyst with an average return of 1.5% and a 47.06% success rate.
In another report released yesterday, RBC Capital also upgraded the stock to a Buy with a $31.00 price target.