Halliburton (HAL) Gains As Market Dips: What You Should Know

Halliburton (HAL) closed the most recent trading day at $38.95, moving +1.35% from the previous trading session. This change outpaced the S&P 500's 1.17% loss on the day. At the same time, the Dow lost 1.02%, and the tech-heavy Nasdaq lost 2.45%.

Prior to today's trading, shares of the provider of drilling services to oil and gas operators had gained 9.64% over the past month. This has outpaced the Oils-Energy sector's loss of 6.76% and the S&P 500's loss of 5.25% in that time.

Wall Street will be looking for positivity from Halliburton as it approaches its next earnings report date. This is expected to be January 24, 2023. On that day, Halliburton is projected to report earnings of $0.67 per share, which would represent year-over-year growth of 86.11%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.58 billion, up 30.37% from the year-ago period.

Investors should also note any recent changes to analyst estimates for Halliburton. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 1.44% higher. Halliburton currently has a Zacks Rank of #2 (Buy).

In terms of valuation, Halliburton is currently trading at a Forward P/E ratio of 12.76. This represents a premium compared to its industry's average Forward P/E of 12.41.

The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 29, which puts it in the top 12% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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

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