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Company Analysis of Halliburton
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Company Analysis of Halliburton
...... At such a trailing P/E, HAL is as bargain compared to the average oilfield service company, which Wall Street currently values at roughly 27.7 times trailing earnings. However, it is still no bargain compared to the typical member of the S&P 500, which currently trades at a collective trailing P/E of about 22. Given relatively restrained forecasts, the stock is not especially attractive as a growth opportunity either. According to Wall Street consensus, HAL should earn $1.42 per share in 2010 for a forward earnings growth rate of 10.9%. In a less rebound-intensive environment, this would not be bad, but it still represents a PEG ratio of roughly 2.14, which is actually quite high compared to the S&P 500 at large and so reflects a substantial growth premium currently baked into the stock price. (On a forward P/E basis, HAL is trading at 21.03 times estimated 2010 earnings, versus 15.1 for the S&P 500.)
In contrast, a stock like SLB presents very similar exposure to a prospective oil industry rebound, but is even more richly valued on a growth basis. SLB currently has a trailing P/E of 23.98a slight premium compared to HALand consensus forward earnings growth of roughly
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