Shares of Halliburton Company (HAL, Financial) moved slightly down 0.11% to $18.41 in pre-market trading on Monday after the compnay announced its third-quarter results.
The Houston-based oil and gas equipment and services company posted GAAP earnings of 34 cents per share, in line with expectations, and revenues of $5.55 billion, falling $260 million short of projections.
GAAP earnings per share dropped 32% year over year, while revenue decreased 10.1% from the previous year.
“Our organization executed effectively in the third quarter. We managed the market dynamics and delivered our financial results as per expectations,” said Chairman, President and CEO Jeff Miller.
By geographic area, North America revenue was about $2.95 billion, a 21.1% decline compared to the third quarter of 2018, and international revenue was $2.6 billion, a nearly 7% rise.
By operating segment, Completion and Production revenue went down nearly 16% to $3.51 billion, while Drilling and Evaluation revenue was up 2.1% to $2.04 billion.
Halliburton also posted $871 million in cash flows from operating activities and $526 million in free cash flow.
The balance sheet had $1.57 billion in cash and equivalents, $3.38 billion in total inventories and $10.3 billion in long-term debt as of Sept. 30. Property, plant and equipment were valued at $8.7 billion and total equity was worth almost $9.8 billion.
Halliburton's stock price has fallen 31% so far this year. On Friday, shares closed at $18.4 for a market capitalization of $16.14 billion. The share price is below the 30-, 70- and 120-day simple moving average lines.
The 52-week range is $16.97 to $39.08.
Currently, Halliburton Company pays a quarterly dividend of 18 cents per common share. The most recent payment was released on Sept. 25. The distribution produces a forward dividend yield of 3.91% versus the industry median of 3.32% and the S&P 500’s yield of 1.92% as of Oct. 18.
Sell-side analysts on Wall Street issued an overweight recommendation rating for shares of Halliburton Company with an average target price of $27.48.
Disclosure: I have no positions in any securities mentioned.
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