HAL - Halliburton Liberty Energy rise 5% after Wells Fargo upgrades
Halliburton ( NYSE: HAL ) +5.7% and Liberty Energy ( NYSE: LBRT ) +5.3% in Wednesday's trading, as Wells Fargo upgraded shares of both oilfield services providers to Overweight from Equal Weight, with respective price targets of $52 and $24, anticipating further upside to oilfield activity.
"Macroeconomic headwinds may persist, but energy security and overall global oil and gas supply challenges - sanctions and lack of spare capacity - have created a sustained undersupply situation, which should sustain commodity prices and upstream investment," according to Wells Fargo's Roger Read.
Elsewhere in the oilfield services sector, the analyst maintained Overweight ratings for Schlumberger ( SLB ) and Chart Industries ( GTLS ), but downgraded Baker Hughes ( BKR ) to Equal Weight and kept NOV Inc. ( NOV ) at Underweight.
Both Halliburton ( HAL ) and Liberty ( LBRT ) recently reported Q3 adjusted earnings and sales that beat Wall Street estimates ( I , II ).
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Halliburton, Liberty Energy rise 5% after Wells Fargo upgrades