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Holly LaFon
Holly LaFon
Articles (9489)  | Author's Website |

Bill Nygren Comments on Halliburton

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January 09, 2019 | About:

Halliburton (NYSE:HAL) is one of the largest providers of products and services to the energy industry in the world. The scale of its operations leads the industry and it maintains impressive technical capabilities across a broad array of product lines and geographic markets. The company also has a long history of best-in-class operating efficiency and disciplined, return-focused capital deployment. The global oil and gas industry has endured a multi-year retrenchment of capital investments, and we believe that a significant and sustained increase in spending will now be necessary to satisfy increasing global demand. We believe Halliburton is particularly well positioned to benefit from this recovery, given its dominant presence in the reviving U.S. onshore market, its significant investment in international footprint expansion and its ability to capture increased market share in select high-value product lines. Despite this attractive long-term environment, a combination of short-term concerns have significantly pressured Halliburton’s stock price. The company is currently trading at a single-digit multiple of our estimate of its normalized earnings per share—a very attractive price for a company of this stature.

From Bill Nygren (Trades, Portfolio)'s Oakmark Fund fourth-quarter 2018 shareholder letter.

About the author:

Holly LaFon
I'm a financial journalist with a Master of Science in journalism from Medill at Northwestern University.

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