Goldman Sachs raised their price target and earnings per share estimate on Halliburton (NYSE:HAL), while maintaining a "Buy" on the oil company.
Although Goldman already has an earnings per share estimate on Halliburton above consensus, they raised it again from $0.56 to $0.59. Consensus has EPS at $0.54.
Oppenheimer analyst G. Scott Burk also raised his earnings estimate on the company, increasing it by 22 cents to $1.94 for the full year. For 2011 he added 18 cents to EPS to $2.58.
Burk based his decision on an expected surge in drilling in the third quarter and on, which will increase demand for drilling materials. That will be beneficial to companies like Halliburton which provide services to the industry.
Halliburton closed Monday at $32.41, falling $0.32, or 0.98 percent.
Goldman upped their price target from $35 to $37.
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