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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 May 25–June 1 was 0.99. Halliburton and crude oil prices had a strong correlation in the past week. A strong positive correlation implies that the stock closely tracked crude oil’s moves.

Halliburton’s correlation with the VanEck Vectors Oil Services ETF (OIH), an ETF comprising 25 oilfield equipment and services stocks, on May 25–June 1 was 0.94. Check out all the data we have added to our quote pages. Now you can get a valuation snapshot, earnings and revenue estimates, and historical data as well as dividend info. Take a look!

What does Halliburton’s correlation with crude oil mean?

A positive correlation can be an advantage for Halliburton’s stock price if crude oil’s price increases. Halliburton’s correlation with crude oil’s price increased sharply in the week ending June 1—compared to Halliburton’s correlation with crude oil in the past three months since March 1.

Correlation between Halliburton’s peers and crude oil

The VanEck Vectors Oil Services ETF’s (OIH) correlation coefficient with crude oil since May 25 was 0.93—higher compared to its correlation with crude oil in the past three months. Helmerich & Payne’s (HP) correlation with crude oil since May 25 was 0.89. Helmerich & Payne’s correlation with crude oil in the past week increased compared to its correlation in the past three months.

McDermott International’s (MDR) correlation coefficient since May 25 was 0.73. McDermott International’s correlation increased sharply compared to its correlation with crude oil in the past three months. Since May 25, Oil States International’s (OIS) correlation coefficient was 0.82. Oil States International’s correlation was higher compared to its correlation with crude oil since March 1.

To learn more, read Top 5 Oilfield Companies Based on 2018 Returns.

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