Assetmark Inc. Boosts Its Stake in Halliburton by 15.2%

Assetmark Inc. has recently expanded its holdings in Halliburton (NYSE:HAL – Free Report) by 15.2% during the fourth quarter, according to reports from HoldingsChannel. This institutional investor now owns a total of 63,556 shares in the oilfield services company after acquiring an additional 8,392 shares during the period. As stated in their most recent SEC filing, the value of Assetmark Inc.’s stake in Halliburton amounts to approximately $1,728,000.

Several other hedge funds have also made changes to their positions in Halliburton. For instance, MidWestOne Financial Group Inc. increased its holding by 4.4% in the third quarter, now owning 8,610 shares worth $250,000 after purchasing an additional 359 shares. Meanwhile, Public Sector Pension Investment Board raised its stake by 0.3%, bringing its total to 154,210 shares valued at $4,480,000 after acquiring an extra 390 shares. Brown Brothers Harriman & Co. saw a notable increase of 28.8% in the same quarter, now holding 1,759 shares worth $51,000 after acquiring 393 additional shares. In the fourth quarter, HBW Advisory Services LLC added 3.9% to its holdings, totaling 10,504 shares valued at $286,000 after buying 397 shares. Lastly, Venturi Wealth Management LLC increased its holdings by 34.2%, now owning 1,618 shares valued at $47,000 due to an increase of 412 shares. Overall, institutional investors and hedge funds hold approximately 85.23% of Halliburton’s stock.

Insider Trading Activity

In other news regarding Halliburton, Vice President Timothy Mckeon sold 10,497 shares on March 7th. The shares were sold at an average price of $24.60, resulting in a total transaction amount of $258,226.20. Following this sale, Mckeon retains 77,784 shares valued at about $1,913,486.40, marking an 11.89% drop in ownership. This transaction was disclosed in a legal filing available to the public. Furthermore, CFO Eric Carre sold 141,206 shares on February 11th at an average price of $26.13, resulting in a total of $3,689,712.78. After this sale, Carre holds 127,101 shares valued at approximately $3,321,149.13, reflecting a 52.63% reduction in ownership. Over the last three months, insiders have sold a total of 155,603 Halliburton shares for a total value of $4,041,695, with only 0.61% of the stock currently held by company insiders.

Market Analysts' Predictions

Market analysts have provided various opinions regarding Halliburton's stock performance. Jefferies Financial Group, for instance, recently lowered their price target for Halliburton from $43.00 to $41.00 while maintaining a “buy” rating on the stock as of January 3rd. Morgan Stanley also adjusted their target from $35.00 to $34.00, rating the stock as “overweight” in their November report. Stifel Nicolaus lowered their target from $42.00 to $37.00 with a “buy” rating on January 23rd. Furthermore, Evercore ISI shifted their target from $43.00 to $35.00 and recommended an “outperform” rating on January 15th. JPMorgan Chase & Co. adjusted their price target from $35.00 to $33.00 while maintaining an “overweight” rating on January 2nd. Overall, seven research analysts have recommended a hold rating for the stock, while fourteen analysts have assigned it a buy rating, resulting in a consensus rating of "Moderate Buy" and a price target of $37.42, according to MarketBeat.

Current Stock Performance

As of Tuesday, Halliburton's stock opened at $24.89. The company has a market capitalization of $21.60 billion, with a P/E ratio of 8.79 and a price-to-earnings-growth ratio of 3.79. The stock’s beta is 1.84, which indicates its volatility compared to the market. Halliburton's one-year low is recorded at $23.42, while the high stands at $41.56. The fifty-day moving average price is $26.77, and the 200-day moving average price is $28.44. Additionally, Halliburton maintains a debt-to-equity ratio of 0.68, with a current ratio of 2.05 and a quick ratio of 1.54.

Dividend Declaration

The company announced a quarterly dividend recently, which is set to be paid on March 26th. Shareholders who were on record by March 5th will receive a dividend of $0.17 per share. The ex-dividend date was also noted as March 5th. This dividend results in an annualized total of $0.68, translating to a dividend yield of 2.73%. The current payout ratio for Halliburton is 24.03%.

Company Overview

(Free Report) Halliburton Company provides a diverse range of products and services globally to the energy sector. It operates through two key segments: Completion and Production, and Drilling and Evaluation. The Completion and Production segment specializes in production enhancement services, which include stimulation and sand control services, cementing services, and tools for downhole solutions such as smart well completions and various service tools.

Assetmark, Halliburton, Investment