Halliburton still in the red due to falling oil demand

October 19, 2020 15:00

Halliburton has posted its fourth consecutive quarterly loss as falling oil demand continues as major economies prepare to adopt new mobility restrictions to curb the spread of the coronavirus. The world's second largest oilfield services provider posted a net loss of $17 million between July and September compared to earnings of $295 million a year earlier.

Its main competitor, Schlumberger NV, also posted poor results last Friday, posting its third consecutive quarterly loss. The company also warned that the recovery of the sector is "fragile." This announcement caused their shares to fall more than 8% and those of Halliburton more than 6%.

Investors were already discounting the poor results of Halliburton, so in the pre-opening its shares have risen more than 2%, although at 1:00 p.m. (EET) they deflated and fell slightly. So far this year, they have accumulated losses close to 50% after closing 2019 with a decline of 8%. Since 2016, the year in which it was revalued by 59%, Halliburton has not closed a positive year on the stock market, coinciding with the moderation in oil prices.

Source: Admiral Markets MetaTrader 5 Halliburton CFD Daily Chart. Data range: from November 3, 2017, to October 19, 2020. Prepared on October 19, 2020, at 1.30 p.m. Keep in mind that past returns do not guarantee future returns.

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