We closely follow many of the top firms on Wall Street, and we have kept a very close eye on their overall bullish or bearish leanings. Some firms have been overly bearish since the wicked sell-off that started this year. On the other hand, some of the firms have been very positive, and from a technical standpoint have predicted a breakout to new highs for the past couple of months.
One of the firms that has been consistent in its bullish posture, especially from a technical standpoint, has been RBC. The technical team, led by Robert Sluymer, has consistently preached over the past couple of months to buy any pullback in anticipation of a breakout through the old highs posted last summer.
The team recently cited three stocks in the oilfield services sector that look particularly well positioned now.
Shares of this company have ticked higher since the deal with Baker Hughes fell through due to regulators concerns, but they are still down almost 50% from highs printed two years ago. Halliburton Co. (NYSE: HAL) is one of the world’s largest providers of products and services to the energy industry. The company serves the upstream oil and gas industry throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.
The oil field giant announced last year a $1 billion investment to develop huge potential oil fields in Ecuador and it has entered into a long-time deal with Petroamazonas, an Ecuador-based company involved in the exploration and development of the country’s oil reserves. With the price of oil being absolutely demolished over the past year, this top oil service company is a great stock to buy on sale, as the oil recovery has shown some legs.
Halliburton investors are paid a 1.56% dividend. The Thomson/First Call consensus price target for the stock is $46.09. The shares closed most recently at $46.29.