Did the American Halliburton share interact with achieving quarterly profits that exceeded expectations?

Did the American Halliburton share interact with achieving quarterly profits that exceeded expectations?
Did the American Halliburton share interact with achieving quarterly profits that exceeded expectations?
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The US Energy Services Halliburton share price continues to decline, affected by the decline in global oil prices, ignoring the company’s record of quarterly profits that exceeded expectations, as the stock closed trading on Tuesday, January 24, 2023, with a decline of about 2%.

The decline in the American company’s shares coincides with the decline in global oil prices, with the return of global concern about the economic situation and its reflection on potential demand, according to what was monitored by the specialized energy platform.

The futures contract for Brent crude – delivery in March (2023) – decreased by 2.3%, to record at the settlement the level of $ 86.13 a barrel, and the price of US West Texas crude – for delivery in March (2023) – decreased by about 1.8% at 80.13. dollars per barrel.

Halliburton stock price

Halliburton share price at the end of trading on Tuesday, January 24, 2023, decreased by 1.80%, to reach $39.84, according to data from the US stock trading platform.

Despite the decline in the stock, the financial position of the American company is getting stronger, as it revealed on Tuesday, January 24, 2023, the results of the fourth quarter earnings for the year 2022, which exceeded analysts’ expectations.

American company Halliburton logo – image from Upstream

During the 3 months ending on December 31, 2022, the American company exceeded Wall Street’s profit estimates for the fourth quarter, ending the mixed start to the earnings season for oil field services companies, as higher oil prices boosted drilling activities, according to specialized energy platform information, quoting Reuters. .

Dividends and revenue

Halliburton, headquartered in Houston, Texas, reported a net profit of $656 million for the fourth quarter of 2022, or 72 cents per share, compared to the average analyst estimate of 67 cents per share, according to Refinitiv data.

Halliburton increased its quarterly dividend by 33% to 16 cents per share, payable March 29, 2023 to stockholders of record March 1, 2023.

Total revenue for the full year 2022 was $20.3 billion, an increase of $5 billion, or 33%, compared to 2021.

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The company’s shares rose by about 1% in pre-market trading yesterday, Tuesday, January 24, 2023, to reach $40.97.

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Halliburton stock forecast

Analysts are optimistic about the performance of the energy sector in general during the current year (2023) as a whole, with expectations of recording a global deficit in the supply of oil, especially with demand for crude in China reaching record levels, and then corporate coffers will recover with more money.

Analysts point out that major financial institutions expect the global price of a barrel of oil to exceed the $100 barrier during the second half of this year 2023; Which may boost investments in Halliburton stock.

It is noteworthy that the decline of the American Halliburton stock on Tuesday, January 24, 2023 coincided with the decline in most US stock indices, as the Standard & Poor’s index fell 0.07%, and the Nasdaq index fell 0.3%.

The general decline in most of the US stock market indices came amid investors’ anticipation of the release of economic data and more business results for major companies later this week.

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