uploads/2018/01/Correlation-15.jpg

Halliburton Reacts to Crude Oil’s Price Change

By

Updated

Correlation between Halliburton and crude oil

Halliburton’s (HAL) stock price correlation coefficient with crude oil prices on January 19–26, 2018, was 0.72. Halliburton and crude oil prices had a relatively strong correlation in the past week. Halliburton’s correlation with the Dow Jones Industrial Average (DJIA-INDEX) on January 19–26, 2018, was 0.58.

Article continues below advertisement

What does Halliburton’s correlation with crude oil mean?

Analysts don’t expect any significant impending downside in crude oil prices in the near term. So, a relatively strong correlation might help Halliburton’s stock price. Halliburton’s correlation with crude oil prices has increased in the trailing year to January 26, 2018—compared to the previous year to January 26, 2017.

Correlation between Halliburton’s peers and crude oil

The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil the since January 19, 2018, was 0.39. OIH’s correlation with crude oil has increased in the trailing year to January 26, 2018—compared to the previous year. Core Laboratories’ (CLB) correlation coefficient since January 19, 2018, was 0.46. During the same period, Patterson-UTI Energy’s (PTEN) correlation with crude oil was 0.48. Oceaneering International’s (OII) correlation coefficient since January 19, 2018, was -0.08.

To learn more, read The 5 Worst Oilfield Companies by Year-to-Date Returns and The Top 5 Oilfield Companies by Free Cash Flow.

Advertisement

More From Market Realist