The IBD SmartSelect Composite Rating for Halliburton increased from 94 to 99 Tuesday. It also has an RS Line now moving in a positive direction.
The upgrade means the stock is now outpacing 99% of all other stocks in terms of key performance metrics and technical strength.
Halliburton is currently trading in a cup with handle pattern, with a 40.09 entry. It has bounced a few times in recent weeks and is currently trying to clear key moving averages and reenter the buying area. Look for the stock to break out in volume at least 40% higher than normal.
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The stock earns an 80 EPS Rating, meaning its recent quarterly and annual earnings growth tops 80% of all stocks.
Its Accumulation/Distribution Rating of B- shows moderate buying by institutional investors over the last 13 weeks.
Earnings Update
In Q3, the company posted 114% earnings-per-share growth. It has now posted accelerating EPS increases for two consecutive quarters. Revenue growth rose 39%, up from 37% in the prior report. The company has now posted increasing growth in each of the last two quarters.
Halliburton earns the No. 1 rank among its peers in the Oil & Gas-Field Services industry group. Schlumberger and ProFrac Holding Cl A are also among the group's highest-rated stocks.
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