Halliburton Slides 6% Despite Q2 Beat as Middle East Weakness Spooks Traders
HAL sits 62% above its 52-week low of $20.17.
Summary
Halliburton's Q2 revenue of $5.71B and adjusted EPS of $0.55 narrowly beat estimates, but shares fell 6% as traders focused on regional weakness. North America revenue was flat at $2.3B, while Middle East/Asia dropped from $1.5B to $1.3B, hit by lower activity in Kuwait, Iraq, and Qatar due to the US-Iran war. International revenue rose 5% sequentially, driven by the North Sea, but the Middle East decline overshadowed the beat. CEO Jeff Miller struck an upbeat tone, citing recovery in North America and global demand growth, but the market reacted to the geopolitical headwinds. This follows a string of contract wins in recent weeks, including deals with Saudi Aramco and Iraq's Basra Oil Company, making the regional softness a key concern.
At the time of this announcement, HAL was trading at $32.72 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $27.3B. The 52-week trading range was $20.17 to $43.59. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: ShareCast.