Wells Fargo on Wednesday upgraded Halliburton (HAL) to the equivalent of a buy rating from hold, authoring a favorable investment case that closely aligns with the Club’s rationale for owning the oilfield services company. In addition to the bullish rating adjustment, analysts at Wells Fargo also raised their price target on Halliburton shares to $52 from $33, a nearly 49% upside from where the stock closed Tuesday. Halliburton’s stock price surged roughly 5% on Wednesday, to nearly $37 a share. “Macroeconomic headwinds may persist, but energy security and overall global oil & gas supply challenges…have created a sustained undersupply situation, which should sustain commodity prices and upstream investment,” the analysts wrote in a research note Wednesday. West Texas Intermediate (WTI) crude — the U.S. oil benchmark — climbed nearly 3% Wednesday, to $88 a barrel. The Wells Fargo note came on the heels of Halliburton reporting better-than-expected third-quarter results on Tuesday. “Against tight supply, demand for oil and gas is strong and we believe it will remain so,” CEO Jeff Miller said. “While broader market volatility is clear, what we see in our business is strong and growing demand for equipment and services,” he added. The Club stuck with the stock through turbulent summer months because we continue to expect tight oil-market conditions to lead to increased drilling activity in the coming years, benefiting companies like Halliburton. Miller on Tuesday also noted there is little spare capacity for oil drilling equipment, enabling Halliburton to charge more for its services while demand holds up. That’s something Wells Fargo also referenced, contending it should result in higher margins at Halliburton and other energy services firms. Big picture After falling more than 26% in the third quarter, crude prices have staged a strong recovery this quarter on the back of an agreement by the Organization of Petroleum Exporting Countries and its allies, collectively known as OPEC+, to cut production by 2 million barrels a day from next month. WTI has rebounded by more than 10% since the start of October. The turning tide for oil prices has helped support stock prices across the industry. Energy has been the best-performing sector in the S & P 500 in October by a wide margin, advancing more than 23% month-to-date. Halliburton’s robust third quarter — and Wells Fargo’s subsequent upgrade Wednesday — come as the Club’s other energy holdings are set to report quarterly results in the coming days. Pioneer Natural Resources (PXD) reports Thursday after the bell. Devon Energy (DVN) and Coterra Energy (CTRA) are scheduled to follow next week, reporting after the close on Nov. 1 and Nov. 3, respectively. The Club take We think Wells Fargo’s upgrade of Halliburton is well-reasoned, highlighting why we’ve maintained our position in the company despite the stock’s rollercoaster ride since we first invested in March . We see the long-term need for oil drilling to reverse years of structural underinvestment on the supply side. And the tight equipment market means Halliburton has a significant amount of pricing power — something all investors should appreciate in this inflationary environment. Moreover, Halliburton’s efforts to significantly reduce its cost structure during the height of the Covid-19 pandemic mean it’s on course to further expand operating margins. More broadly, while our discipline required us to trim some energy exposure around the OPEC+ announcement, we’ve otherwise held steady with our oil holdings in recent weeks during the sector’s rally. Indeed, our energy positions help us hedge against inflation. And for the likes of Pioneer, Devon and Coterra, sizable cash returns through dividends and buybacks sweeten the investment case. (Jim Cramer’s Charitable Trust is long HAL, PXD, DVN and CTRA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Signage is displayed outside a Halliburton Co. location in Port Fourchon, Louisiana, U.S.
Luke Sharett | Bloomberg | Getty Images
Wells Fargo on Wednesday upgraded Halliburton (HAL) to the equivalent of a buy rating from hold, authoring a favorable investment case that closely aligns with the Club’s rationale for owning the oilfield services company.
The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.
With the Trump Administration fully in power and Federal electric vehicle incentives apparently on the chopping block, many fleet buyers are second-guessing the push to electrify their fleets. To help ease their minds, Harbinger is launching the IRA Risk-Free Guarantee, promising to cover the cost of anticipated IRA credits if the rebate goes away.
In the case of a Harbinger S524 Class 5 chassis with a 140 kWh battery capacity with an MSRP of $103,200, the company will offer an IRA Risk-Free Guarantee credit of $12,900 at the time of purchase, bringing initial cost down to $90,300. This matches the typical selling price of an equivalent Freightliner MT-45 diesel medium-duty chassis.
“We created (the IRA Risk-Free Guarantee) program to eliminate the financial uncertainty for customers who are interested in EV adoption, but are concerned about the future of the IRA tax credit,” said John Harris, Co-founder and CEO of Harbinger. “For electric vehicles to go mainstream, they must be cost-competitive with diesel vehicles. While the IRA tax credit helps bridge that gap, we remain committed to price parity with diesel, even if the credit disappears. Our vertically integrated approach enables us to keep costs low, shields us from tariff volatility, and ensures long-term price stability for our customers.”
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Harbinger recently revealed a book of business consisting of 4,690 binding orders. Those orders are valued at approximately $500 million, and fueled a $100 million Series B raise.
Electrek’s Take
Harbinger truck charging; via Harbinger.
One of the most frequent criticisms of electric vehicle incentives is that they encourage manufacturers and dealers to artificially inflate the price of their vehicles. In their heads, I imagine the scenario goes something like this:
you looked at a used Nissan LEAF on a dealer’s lot priced at $14,995
a new bill passes and the state issues a $2500 used EV rebate
you decide to go back to the dealer and buy the car
once you arrive, you find that the price is now $16,995
While it’s commendable that Harbinger is taking action and sacrificing some of its profits to keep the business growing and the overall cause of fleet electrification moving forward, one has to wonder how they can “suddenly” afford to offer these massive discounts in lieu of government incentives – and how many other EV brands could probably afford to do the same.
Whoever is left at Nikola after the fledgling truck-maker filed for Chapter 11 bankruptcy protection last month is probably having a worse week than you – the company issued a recall with the NHTSA for 95 of its hydrogen fuel cell-powered semi trucks.
That complaint seems to have led to the posthumous recall of 95 (out of about 200) Nikola-built electric semi trucks.
The latest HFCEV recall is on top of the 2023 battery recall that impacted nearly all of Nikola’s deployed BEV fleet. Clean Trucking is citing a January 31, 2025 report from the NHTSA revealing that, as of the end of 2024, Nikola had yet to complete repairs for 98 of its affected BEVs. The ultimate fate of those vehicles remains unclear.
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Electrek’s Take
Image via Coyote Container.
I’ve received a few messages complaining that I “haven’t covered” the Nikola bankruptcy – which is bananas, since I reported that it was coming five weeks before it happened and there was no “new” information presented in the interim (he said, defensively).
Still, it’s worth looking back on Nikola’s headlong dive into the empty swimming pool of hydrogen, and remind ourselves that even its most enthusiastic early adopters were suffering.
“The truck costs five to ten times that of a standard Class 8 drayage [truck],” explained William Hall, Managing Member and Founder of Coyote Container. “On top of that, you pay five to ten times the Federal Excise Tax (FET) and local sales tax, [which comes to] roughly 22%. If you add the 10% reserve not covered by any voucher program, you are at 32%. Thirty-two percent of $500,000 is $160,000 for the trucker to somehow pay [out of pocket].”
After several failures that left his Nikola trucks stranded on the side of the road, the first such incident happening with just 900 miles on the truck’s odometer, a NHTSA complaint was filed. It’s not clear if it was Hall’s complaint, but the complaint seems to address his concerns, below.