Shares of Halliburton Co. /zigman2/quotes/210488727/composite HAL -3.65% slipped 0.7% in premarket trading Monday, after the oil services company reported a third-quarter profit that was in line with expectations but revenue that fell below, amid lower pressure pumping activity and reduced drilling and wireline activity. Net income fell to $295 million, or 34 cents a share, from $435 million, or 50 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 34 cents. Revenue dropped 10.1% to $5.55 billion, missing the FactSet consensus of $5.82 billion, as completion and production revenue declined 15.9% to $3.51 billion to miss expectations of $3.66 billion while drilling and evaluation revenue rose 2.1% to $2.04 billion but missed projections of $2.15 billion. Halliburton's stock has lost 15.3% over the past three months, while the VanEck Vectors Oil Services ETF /zigman2/quotes/207596637/composite OIH -6.47% has tumbled 21.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -4.41% has edged up 0.3%.
Read the full story:
Dow’s rises toward record but gains capped by 100-point drag from Boeing’s stock