Halliburton Co’s first-quarter earnings, reported on Tuesday, exceeded market consensus, since stronger drilling demand internationally offset a weaker performance in North America.
Total revenue for the quarter was reported at $5.80 billion, while topping analyst estimates of $5.67 billion.
International rig count, which indicates future production, was at 965 on an average at the end of the first quarter, or a 5.4% increase from a year ago.
Revenue from the company’s international segment went up 12% year-on-year to $3.3 billion during the quarter, driven by a 21% growth in Latin America.
However, revenue from its North American operations shrank 8% year-on-year to $2.5 billion, mostly because of lower pressure pumping services in the US and lower wireline activity across the region.
Excluding special items, the company earned $0.76 per share in the quarter ended March 31st. That compared with a median analyst estimate of $0.74 per share.
Stock Performance
The shares of Halliburton Company (HAL) closed 0.34% ($0.13) lower at $38.59 in New York on Tuesday, as they extended the loss from the previous market session.
The company’s total market cap now stands at $34.206 billion.
The shares of Halliburton Company (HAL) went down 8.13% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 6.75% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, all 13 surveyed investment analysts offering 12-month price targets for Halliburton Company’s stock had rated the latter as “Buy”. The median price target on the stock stands at $48.38, which translates into a 25.37% upside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $54.00.
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