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Company Update: Halliburton Company (NYSE:HAL) – U.S. sues to block Halliburton-Baker Hughes deal, says anti-competitive

[Reuters] – WASHINGTON/HOUSTON (Reuters) – The U.S. government filed a lawsuit on Wednesday to stop Halliburton Co (HAL.N) from buying Baker Hughes Inc (BHI.N), arguing the combination of the No. 2 and No. 3 oil services companies would lead to higher prices in the sector. The move, which comes after months of talks on divestitures of some overlapping businesses, significantly cuts the chances of the deal going through, although Halliburton said it would “vigorously contest” the lawsuit. The Justice Department said the merger, worth $35 billion when it was first announced in November 2014, would leave only two dominant suppliers in 20 business lines in the global well drilling and oil construction services industry, with Schlumberger NV (SLB.N) being one of the two. Read more on this. Halliburton Company (HAL) , with a current value of $31.16B, opened at $34.71. Looking at today’s market, HAL one day range is $34.45 to $36.89 with a one year range of $27.64 to $50.20. HAL shares are currently priced at 107.50x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 0.04x earnings multiple for the same period. And for income investors, the company pays shareholders $0.72 per share annually in dividends, yielding 2.05%. According to a consensus of 33 analysts, the earnings estimate of $0.06 per share would be $0.43 worse than the year-ago quarter and a $0.11 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $0.32 would be a $1.24 setback when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $4.26 Billion. If realized, that would be a 39.57% decrease over the year-ago quarter. More recently, DA Davidson Initiated HAL at Buy (Feb 19, 2016). Previously, KLR Group upgraded HAL from Accumulate to Buy. The average price target for HAL shares by the analysts covering it is $40.60, which is 16.97% above where the stock opened. See more in (NYSE:HAL) Similar Articles: Market Update: Halliburton Company (NYSE:HAL) – U.S. Justice Dept will sue to stop Halliburton, Baker Hughes merger – source Market Update: Halliburton Company (NYSE:HAL) – U.S. sues ValueAct over Halliburton-Baker Hughes deal disclosures Company Update: Halliburton Company (NYSE:HAL) – EU regulators to decide on Halliburton, Baker Hughes deal by July 11
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