(VIANEWS) – Shares of Halliburton Company (NYSE: HAL) dropped 8.77% to $24.56 at 10:04 EST on Friday, after five sequential sessions in a row of losses. NYSE is dropping 0.84% to $14,116.59, after three consecutive sessions in a row of losses. This seems, as yet, a somewhat down trend exchanging session today.
Halliburton Company’s last close was $26.92, 38.8% under its 52-week high of $43.99.
Why is Halliburton Company Stock Going Down?
The stock of the Halliburton Company has been dropping sharply this month due to fears of a recession. The market has also been affected by China’s Zero Covid policy, which is reducing demand for oil. China is the second largest energy consumer in the world, and its economic slowdown has led to a dramatic decline in demand. The global financial crisis also led to a sharp decline in energy demand. Halliburton’s stock plunged 44% in 2008. Its stock is heavily dependent on energy prices, and a decline in energy prices will reduce the company’s business.
Recent earnings and news reports have also affected the company’s share price. Halliburton Company stock has dropped 9.1% since its last earnings report. However, despite the drop, the stock is still outperforming the S&P 500. This means that it could be due for a breakout in the near future.
Oil prices have been on the rise for a while now. Halliburton is one of the oil stocks that are bullish, and it will likely trade up to its highs in 2020. If the oil rally continues, Halliburton’s stock could make sense for investors looking for a long-term investment. Even if the stock decline continues, the company is still expected to see solid growth in sales and profits in the next three to five years.
The company is up more than 20% year-to-date, but the stock has lost over a third of its value since June’s high. While concerns over China’s economic growth and COVID-19 policies are short-term headwinds, higher demand for energy from China could push the market back up in the coming months.
About Halliburton Company
Halliburton Company provides products and services to the energy industry worldwide. It operates in two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, and service tools, as well as liner hanger, sand control, and multilateral systems; production solutions comprising coiled tubing, hydraulic workover units, downhole tools, and pumping and nitrogen services; and pipeline and process services, such as pre-commissioning, commissioning, maintenance, and decommissioning. This segment also provides electrical submersible pumps, as well as artificial lift services. The Drilling and Evaluation segment offers drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; oilfield completion, production, and downstream water and process treatment chemicals and services; drilling systems and services; wireline and perforating services consists of open-hole logging, and cased-hole and slickline; and drill bits and services comprising roller cone rock bits, fixed cutter bits, hole enlargement, and related downhole tools and services, as well as coring equipment and services. This segment also provides cloud based digital services and artificial intelligence solutions on an open architecture for subsurface insights, integrated well construction, and reservoir and production management; testing and subsea services, such as acquisition and analysis of reservoir information and optimization solutions; and project management and integrated asset management services. Halliburton Company was founded in 1919 and is based in Houston, Texas.
Today’s last reported volume for Halliburton Company is 2051320 which is 79.36% below its average volume of 9939306.
The company’s growth estimates for the current quarter and the next is 100% and 72.2%, respectively.
Halliburton Company’s Revenue
Year-on-year quarterly revenue growth grew by 36.9%, now sitting on 17.49B for the twelve trailing months.
Halliburton Company’s last week, last month’s, and last quarter’s current intraday variation average was 0.83%, 0.33%, and 2.75%, respectively.
Halliburton Company’s highest amplitude of average volatility was 3.42% (last week), 2.69% (last month), and 2.75% (last quarter), respectively.
Stock Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions,
Halliburton Company’s stock is considered to be overbought (>=80).
Halliburton Company’s Stock Yearly Top and Bottom Value
Halliburton Company’s stock is valued at $24.56 at 10:16 EST, way under its 52-week high of $43.99 and way above its 52-week low of $19.12.
Halliburton Company’s Moving Average
Halliburton Company’s value is way under its 50-day moving average of $29.12 and way below its 200-day moving average of $31.96.
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