What Happened?
Shares of oilfield services company Halliburton (NYSE: HAL) jumped 3.7% in the afternoon session after rising oil prices lifted the energy sector amid growing geopolitical tensions.
Oil prices climbed as concerns grew over potential supply disruptions related to the Strait of Hormuz. West Texas Intermediate (WTI) crude rose 4.6% to $94.50 per barrel, while Brent crude moved back above the $100 level. The increased volatility added a risk premium back into the price of oil. As a result, energy stocks were one of the strongest sectors, and the positive momentum helped Halliburton's shares reach a new 52-week high during the session.
After the initial pop the shares cooled down to $40.24, up 3.7% from previous close.
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What Is The Market Telling Us
Halliburton’s shares are somewhat volatile and have had 14 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Halliburton is up 35.9% since the beginning of the year, and at $40.24 per share, has set a new 52-week high. Investors who bought $1,000 worth of Halliburton’s shares 5 years ago would now be looking at an investment worth $1,894.
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