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What Did the Market Suggest for Halliburton on July 14?

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Part 3
What Did the Market Suggest for Halliburton on July 14? PART 3 OF 4

Halliburton’s Correlation with Crude Oil on July 14

Halliburton’s correlation with crude oil prices

In this part, we’ll analyze the correlation between WTI (West Texas Intermediate) crude oil prices and Halliburton’s (HAL) stock price. The correlation coefficient between Halliburton and crude oil prices from July 14, 2016, to July 14, 2017, is 0.67. There’s a strong positive relationship between crude oil prices and Halliburton stock.

What does it mean for Halliburton?

A high correlation isn’t good for Halliburton’s stock price due to weak crude oil prices in the past four months. Market sentiments suggest there’s a limited scope for a strong recovery in crude oil prices in the near future. OIH’s correlation with crude oil is higher in the trailing year to July 14, 2017, compared to the previous two years.

Halliburton’s Correlation with Crude Oil on July 14

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Correlation between OFS stocks and crude oil

The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil since July 2016 is 0.73. Flotek Industries’ (FTK) correlation coefficient with crude oil since July 2016 is 0.48, while Precision Drilling’s (PDS) correlation coefficient since July 2016 is 0.65. Tidewater’s (TDW) correlation coefficient since July 2016 is 0.24.

Next, we’ll discuss investors’ short interest in Halliburton.

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