Halliburton Feels the Earnings Crunch as North American Drilling Slows to a Crawl (HAL)

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Oilfield services giant Halliburton Company ( HAL ) on Wednesday posted a sharp downturn in third quarter profit, hurt by a big slowdown in North American drilling.

The Houston-based company reported third quarter net income of $602 million, or 65 cents per share, compared with $683 million, or 74 cents per share, in the year-ago period. Excluding special items, adjusted profit was 67 cents per share.

Revenue rose 8.6% from last year, however, to $7.11 billion.

On average, Wall Street analysts expected a matching profit of 67 cents per share, on higher revenue of $7.14 billion.

HAL noted that the biggest detriment to its quarter was a massive 60% drop in operating income in its North American segment.

Halliburton shares fell 53 cents, or -1.5%, in premarket trading Wednesday.

The Bottom Line
Shares of Halliburton ( HAL ) have a 1.04% dividend yield, based on last night's closing stock price of $34.56. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $37-$38 price levels.

Halliburton Company ( HAL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Created by Dividend.com

This article appears in: Investing , Stocks

Referenced Stocks: HAL

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