The analysts of Susquehanna have lifted their estimates on earnings and maintained their Buy rating as well as a price target of $38 on Halliburton (NYSE:HAL) shares. This lift was after better than expected activity.
The analysts wrote, "U.S. Land drilling is trending up 12% 2Q to date relative to 1Q. This, coupled with favorable service intensity (horizontal drilling is trending up 16%) and improving pricing paves the way for a considerably better than expected 2Q. We note that the group has began to out preform the market with the OSX up 12% since June 1 vs. the S&P up 4%. Attractive oil prices, improving international spending levels, and compelling valuation are all reasons to be optimistic that the oil upcycle remains underway."
"Halliburton represents on of the most attractive stories in the industry right now, with an industry leading position in North America and growing market share domestically and internationally."
Halliburton serves several natural gas and oil companies worldwide in about 70 countries. These services include the production, exploration, and development of the oil and natural gas. The 2010-2012 earnings per share estimates by Susquehanna were raised from $1.39, $2.08, $2.71 to $1.46, $2.10, and $2.74.
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