Company Of The Day: Halliburton
The total count of active drilling rigs in the U.S. rose by 9 over the last week to 521 units, per data from Baker Hughes. Drilling rigs targeting oil rose by 10 units to 421, the highest levels since April 2020.
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The global oil supply has been tightening and crude oil prices are near two-month highs. This is likely driving higher exploration and production activity.
The stronger oilfield activity should bode well for Halliburton (NYSE:HAL), which is one of the largest oilfield services players in the U.S. Halliburton stock is up about 11% year-to-date and by almost 70% over the last 12 months.
See Our Complete Analysis For Halliburton