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

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Correlation between Halliburton and crude oil

Halliburton’s (HAL) stock price correlation coefficient with crude oil’s price on February 2–9, 2018, was 0.54. 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 February 2–9, 2018, was 0.11.

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What does Halliburton’s correlation with crude oil mean?

Given the downslide in crude oil prices in the past week, a relatively strong correlation might not help Halliburton’s stock price. Halliburton’s correlation with crude oil prices has decreased in the trailing year to February 9, 2018—compared to the previous year to February 9, 2017.

Correlation between Halliburton’s peers and crude oil

The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil since February 2, 2018, was 0.11. OIH’s correlation with crude oil has decreased in the trailing year to February 9, 2018—compared to the previous year. Helmerich & Payne’s (HP) correlation coefficient since February 2, 2018, was 0.36. During the same period, McDermott International’s (MDR) correlation with crude oil was 0.58. Since February 2, 2018, Oil States International’s (OIS) correlation coefficient was 0.21.

To learn more, read How Schlumberger and Halliburton Stack Up after 4Q17 Results and Schlumberger and Halliburton: A Comparison after 4Q17.

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