Halliburton, one of the world's largest oilfield services outfits, helps oil and natural gas companies extract hydrocarbons through a variety of services, equipment and expertise.
U.S. markets were closed Monday for the Martin Luther King Jr. holiday, but shares of Halliburton and others in the oilfield-services sector fell Friday after closely watched Schlumberger Ltd. reported lower-than-expected quarterly earnings and gave a cautious near-term outlook.
Schlumberger's share price fell almost 4 percent Friday, continuing a recent trend that has sent the stock down almost 20 percent since the start of the year.
Halliburton shares slipped 90 cents, or 2.7 percent, to $32.40 in trading Friday. They've traded in a range of $28.69 to $41.95 in the past year.
Schlumberger's fourth-quarter results rose 22 percent from a year ago, but its North American profit was below Wall Street expectations. Analysts said the weak North American results set a pessimistic tone for Halliburton and others in the sector.
"Driving the weakness in North America was continued pricing erosion within (Schlumberger's) pressure pumping division both in the U.S. and Canada, which bodes poorly for BJ Services' and Halliburton's 4Q07 results as well," Raymond James & Associates said in a note to investors.
Halliburton Co. is scheduled to report fourth-quarter and 2007 results Jan. 28.
