Halliburton (NYSE:HAL) has seen its stock price decline by almost 30% since early October

Halliburton (NYSE:HAL) has seen its stock price decline by almost 30% since early October, currently trading at about $31 per share. While the stock has been under pressure for some time now, due to weaker activity in the Permian basin and pricing pressure in the fracking market, the current sell-off is largely tied to the oil market, which is currently in bear territory.

Brent crude prices have declined from levels of around $85 per barrel in early October to about $60 currently.

Oil prices have a direct impact on oilfield services activity with a slight lag. However, the rotary rig count – which is a leading indicator of oilfield services demand – has held up relatively well. The U.S. rig count has grown from levels of around 1,052 in early October to about 1,082 in mid-November

Leave a Reply