Halliburton Company (HAL) Remains Top Pick at Oppenheimer Following Earnings

Oppenheimer analyst James Schumm came out with some positive commentary on Halliburton Company (NYSE:HAL), after the company released its second-quarter results before the market opened yesterday. Halliburton delivered an impressive earning with international margins significantly outperforming Street expectations.

Schumm wrote, “AL remains our top pick as we believe the risk/ reward is very compelling and as we have likely seen the activity bottom in North America. The Street (ourselves included) is valuing the company off depressed 2016 earnings, resulting from the BHI merger. We are introducing our 2017 estimates as we expect to see an inflection higher in 2017 as the combined company will have cut the bulk of the duplicate overhead and as North America likely enjoys a more robust and balanced services market. We recommend buying HAL here on weakness.”

The analyst maintained an Outperform rating on Halliburton stock with a price target of $55, which implies an upside of 35% from current levels.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst James Schumm has a total average return of -1.5% and a 47.6% success rate. Schumm has a -2.4% average return when recommending HAL, and is ranked #2879 out of 3711 analysts.

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