Rising oil prices are also likely boosting HAL
Oil service stock Halliburton Company (NYSE:HAL) is up 1.9% at $31.73 this morning, moving higher on the back of a first-quarter earnings beat. CEO Jeff Miller also opined that "the worst in the pricing deterioration is now behind us." In addition, HAL stock is likely getting a tailwind from rising crude oil prices.
On the charts, HAL has struggled to break above the $32 level, which has acted as a ceiling for the shares in 2019. This point of resistance also runs in line with a 20% year-to-date gain for the stock.
Analysts were extremely optimistic heading into today, with all 18 covering brokerage firms sporting "strong buy" recommendations. Furthermore, the security sports an average 12-month price target of $38.37, representing a roughly 23% premium to current levels.
Lastly, Halliburton stock's Schaeffer's Volatility Scorecard (SVS) stands at 96 out of a possible 100. In other words, HAL has tended to make outsized moves over the last year, compared to what the options market had priced in -- a potential boon to premium buyers.