HALLIBURTON STRONGLY BULLISH AS RESULTS BEAT ESTIMATES
Halliburton’s stock is currently trading at 31.61-higher by 1.54% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by 3.12%. The stock has pared some of its gains after the opening bell.
The oilfield services company reported its earnings for the first quarter before the market open on Monday. Halliburton generated an adjusted EPS of 23 cents for the first quarter of 2019. The EPS was above the consensus estimates of 22 cents. The total revenue of $5.74 billion was also above the market expectation of $5.52 billion.
Halliburton’s revenue from North America dropped 7% to $3.3 billion for the first quarter. The revenue, however, came in above the median forecast of $3.13 billion.
The Houston-based company reported a rise in quarterly profit, as a recovery in demand from its international customers helped offset lower activity in North America. The oilfield services company reiterated its expectation of high single-digit growth for the current year.
On the technical front, the current price is above the MA20. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 59.17% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 31.40 TAKE PROFIT AT 32.00 STOP LOSS AT 31.10