uploads///Correlation

How’s Halliburton Reacting to Crude Oil’s Price Change?

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Jan. 25 2018, Updated 11:10 a.m. ET

Correlation between Halliburton and crude oil

Halliburton’s (HAL) stock price correlation coefficient with crude oil prices on January 16–22, 2018, was 0.61. 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 16–22, 2018, was 0.23.

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What does Halliburton’s correlation with crude oil mean?

Analysts don’t expect any significant impending downside to 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 decreased in the trailing year to January 22, 2018—compared to the previous year to January 22, 2017.

Correlation between Halliburton’s peers and crude oil

The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil since January 16, 2018, was 0.33. OIH’s correlation with crude oil has decreased in the trailing year to January 22, 2018—compared to the previous year. Flotek Industries’ (FTK) correlation coefficient since January 16, 2018, was -0.28. During the same period, Precision Drilling’s (PDS) correlation with crude oil was 0.07. Tidewater’s (TDW) correlation coefficient since January 16, 2018, was -0.33.

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

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