Shares of Halliburton (NYSE:HAL) Co. fell 0.4% in Tuesday's premarket trading, extending a potential three-day losing streak. The dip came despite the company's Q3 net income surpassing expectations, rising to $716 million or 79 cents per share from $544 million or 60 cents per share a year prior. This exceeded the FactSet consensus of 77 cents per share. Notably, the company has been consistently increasing its earnings per share, a positive signal for investors, according to InvestingPro Tips.
The oilfield services company's revenue slightly missed expectations due to a weaker North American market. While revenue increased by 8.3% to $5.804 billion, it fell short of the FactSet consensus of $5.848 billion. This was largely due to a 1% decline in North American revenue to $2.608 billion. However, InvestingPro data indicates a robust 28.12% Revenue Growth in the last twelve months (LTM2023.Q2), with the revenue reaching $22.41B USD, highlighting the overall growth trajectory of the company.
On a brighter note, Halliburton saw a significant 17.4% hike in international revenue, which climbed to $3.196 billion. CEO Jeff Miller affirmed the stability of their North American business and the profitability of international growth, forecasting a long-duration upcycle and sustained demand for oilfield services beyond 2024.
The company's stock has retreated 3.7% from its Oct. 19 peak of $43.26, its highest close since July 2018. This follows an 8.9% rally over the last three months, contrasting with a broader 7.4% drop in the S&P 500 during the same period. Yet, Halliburton's stock price is trading near its 52-week high, as per InvestingPro Tips, with InvestingPro data showing the price as a percentage of the 52-week high at 94.77%. This indicates that the stock has been performing well over the past year, with a 1 Year Price Total Return of 22.49%.
In terms of dividends, Halliburton has maintained its dividend payments for 53 consecutive years, according to InvestingPro Tips, with a recent Dividend Growth of 33.33% (LTM2023.Q2), making it an attractive choice for income-focused investors. For more insights like these, interested readers can explore additional tips on InvestingPro.
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