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HALLIBURTON STOCKS RISE DESPITE RATING DOWNGRADE -

26-May
20:53 IST

Halliburton’s stock is currently trading at 11.94-higher by 3.02% as compared to the previous closing price.

Investment bank UBS earlier today downgraded the oilfield services company’s stock to sell from neutral with a $7.50 per share price target. The investment bank’s price target represents a potential downside of 35.34% from the previous closing price of Halliburton. The oilfield services company last week cut its quarterly dividend by 75%. Halliburton set a dividend of 4.5 cents a share payable on 24th June, down from 18 cents a share paid on 25th March. JP Morgan also cut its price target on stocks of the oilfield services company from $12 per share to $10 per share in the last month.

The oilfield services company reported its first-quarter earnings in the last month. The oilfield services company warned that North American activity will sharply fall during the second quarter due to oversupply and a massive decline in crude demand in its earnings call. Halliburton also said it would lower capital expenditure for the year to $800 million. Stocks of Halliburton have fallen about 51% Year-to-date.

On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 62.95% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT BUY AT 11.90 TAKE PROFIT AT 12.15 STOP LOSS AT 11.78

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