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Weatherford International Ltd (NYSE:WFT) and Halliburton Company (NYSE:HAL) both extended fall yesterday after Venezuela's step to devalue its currency was predicted to increase prices in the country and will hurt operations for some U.S. companies that have operations there.
Halliburton Company (NYSE:HAL) an oilfield services company, disclosed recently that the move would cost it $30 million in the starting three months of this year. The company recorded revenue of $28.5 billion in 2012.
Stephen Gengaro, analyst with Sterne Agee, anticipates the loss as a one-time occurrence and supported his "Buy" rating for Halliburton Company (HAL). He added that other oil services companies including Weatherford International Ltd. could also face an impact, though it's hard to say how much. Gengaro said that when Venezuela devalued its currency in 2010, Weatherford was affected the most with a $40 million after-tax charge.
Weatherford International Ltd (NYSE:WFT) slipped -2.09% and closed at $12.66 with the total traded volume of 12.70 million shares. Its opening price was $12.96 and its shares traded within the range of $12.61-$12.99. The company now has market cap of about $9.68 billion.
Halliburton Company (NYSE:HAL) shares went 0.39% down and closed at $40.71 in the last trading session. Its overall traded volume was 5.60 million shares. The stock’s opening price was $40.99, hitting the day high price of $41.15 and day low of $40.64.
HAL has earnings per share of $2.78 and its price to earnings ratio was 14.66. The company has 10.13% returns on assets, 17.80% returns on equity and its return on investments is 12.27%.
Nexen Inc. (USA) (NYSE:NXY) traded at its best since at-least 2009 after U.S. regulators gave approval for the $15.1 billion takeover of Canadian oil and gas company by CNOOC Limited (NYSE:CEO), China's top offshore oil and gas producer, clearing the last hurdle to the Asian country's biggest-ever foreign acquisition.
Nexen (NXY) revealed that the Committee on Foreign Investment in the U.S. gave the green light and the deal is now anticipated to close the week of Feb. 25, seven months after China’s biggest oil and natural gas producer submitted its proposal of $27.50 a share. The panel performs buyout assessment by foreign-owned companies for national security implications. Cnooc’s takeover of the Calgary-based company comes under U.S. jurisdiction because of its Gulf of Mexico oil and gas operations, which represent about 8 percent of its production.
Nexen Inc. (USA) (NYSE:NXY) gained +2.08% with the closing price of $27.43. The overall volume in the last trading session was 66.72 million shares. Its fifty two week range was $14.63-$27.44. The total market capitalization remained $14.54 billion.
Schlumberger Limited. (NYSE:SLB) moved up 0.77% to close at $78.53 and its total volume in the last trading session was 4.65 million shares. In last 52 weeks, high hit was $80.78 and low price in that period was $59.12.
The company has outstanding shares of 1.33 billion with the total market cap of $104.31 billion and its beta value stands at 1.42 times. It has current ratio of 1.95 and its debt-to-equity ratio is 0.33.
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