Halliburton (HAL) Stock Rises as Energy Stocks Rally on U.S.-Iran Escalation
TLDR
- Energy stocks climbed in premarket trading Monday after U.S. forces struck Iran’s Larak Island in the Strait of Hormuz, pushing oil prices up more than 3.5%.
- HAL rose 2.5% in premarket, with Brent crude jumping to $91.20 a barrel and WTI reaching $86.30.
- Corient Private Wealth LP picked up 242,112 HAL shares worth roughly $8.2 million in Q2, joining BlackRock and Capital Research as recent institutional buyers.
- Halliburton beat Q2 earnings expectations with $0.55 EPS and $5.71 billion in revenue, up 3.7% year over year.
- Analysts hold a “Moderate Buy” consensus on HAL with an average price target of $43.10, versus a current price of $36.19.
Halliburton (HAL) opened at $36.19 Monday, with premarket gains of around 2.5% after U.S. forces struck missile launchers on Iran’s Larak Island in the Strait of Hormuz on Sunday. It was the first confirmed American strike on Iran since late July.
Oil prices moved sharply higher on the news. Brent crude jumped 3.5% to $91.20 a barrel, while West Texas Intermediate rose 3.5% to $86.30. That pulled the broader energy sector up with it.
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