Energy is still on a winning streak and oil field services giant Halliburton (HAL) got a bump up for its stock Relative Strength (RS) Rating, from 78 to a strong 88 Thursday. Halliburton stock climbed about 2% to just below 30 Thursday afternoon.
By moving up into a new percentile, Halliburton also passed a key benchmark. Market research shows that the market's biggest winners often have an 80 or better RS Rating as they begin their biggest climbs. The Houston-based company is a key provider of oil reservoir completion services and products globally.
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Other Halliburton Stock Key Ratings
Among its other major ratings, Halliburton stock has an 88 Composite Rating, of a best-possible 99. It also holds a good but not spectacular 80 EPS Rating and a strong B Accumulation/Distribution Rating. The B A/D Rating indicates that institutional funds like ETFs and insurance funds are buying more shares than selling.
Halliburton saw both earnings and sales growth rise last quarter. Earnings per share jumped 88% to 49 cents per share, up from an 84% increase the prior quarter. Revenue growth rose from 24% to 37%, or $507.4 million. Keep an eye out for the company's next round of numbers on or around Oct. 19.
Halliburton stock hit a multiyear high at 43.99 on June 8. It's consolidated since then amid the bear market, dropping as low as 23.30 on Sept. 26 before bouncing. It shot up from there, and was on track for its fourth consecutive higher close Thursday afternoon, trading near 30. It hasn't yet formed a clear base, but it could be working on a consolidation or cup base with a 44.09 buy point. See if Halliburton stock goes on to form a sound pattern that could spark a new run.
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No. 3 Ranked In Oil & Gas Group
Halliburton stock earns the No. 3 rank among its peers in the Oil & Gas-Field Services industry group. Profrac (PFHC) and Civeo (CVEO) are also among the group's highest-rated stocks.
When looking for the best stocks to buy and watch, be sure to pay attention to relative price strength.
IBD's unique Relative Strength Rating measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price behavior over the trailing 52 weeks compares to all the other stocks in our database.
Please follow James DeTar on Twitter @JimDeTar
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