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Halliburton Reacts 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 March 9–16, 2018, was 0.59. Halliburton and crude oil prices had a strong correlation in the past week. Halliburton’s correlation with the SPDR S&P 500 ETF (SPY) on March 9–16, 2018, was 0.04.

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What does Halliburton’s correlation with crude oil mean?

A relatively strong correlation might be an advantage for Halliburton’s stock price if crude oil’s price goes up from here. Halliburton’s correlation with crude oil’s price has decreased in the trailing year to March 16, 2018—compared to the previous year to March 16, 2017.

Correlation between Halliburton’s peers and crude oil

The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil since March 9, 2018, was 0.53. OIH’s correlation with crude oil has decreased in the trailing year to March 16, 2018—compared to the previous year. Helmerich & Payne’s (HP) correlation coefficient since February 9, 2018, was 0.74. During the same period, McDermott International’s (MDR) correlation with crude oil was -0.47. Oil States International’s (OIS) correlation coefficient since February 9, 2018, was 0.34.

To learn more, read How Baker Hughes and National Oilwell Varco Stack Up after 4Q17 and Top 5 Oilfield Companies Based on 2018 Returns.

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