Energy stocks have taken hit after hit over the last decade, as environmental organizations and political entities have pushed renewable energy sources over oil. However, one of the oil companies that is still a favorite with investors and analysts alike is the Halliburton Company (NYSE:HAL).

3Q Earnings Bolster Analysts’ Views

Halliburton reported strong earnings in the third quarter this year, and following their earnings report, Deutsche Bank reinforced their Buy rating on the company’s stock. The analysts have also jacked the price target up from $55.00 per share to $84.00 per share.

Mike Urban, Deutsche Bank analyst, says “the focus now turns towards HAL’s upcoming analyst meeting November 5-6 in Houston, where we expect to finally hear more details on its “Frac of the Future” and “Battle Red” initiatives. These potentially powerful structural changes should increasingly overshadow the transitory items that are masking a solid outlook.”

He went on to say, “while flooding in Colorado and slower than expected activity in Mexico and Brazil impacts 2013, as we enter 2014 these factors should abate. With North America activity levels poised to improve and E. hemisphere margins inflecting on the upside, we continue to believe that HAL remains among the best positioned companies we cover.”

Target Price Raised

Urban stated that the target price should be raised to $84.00 per share, a $29.00 increase from the previous target of $55.00. Yesterday the company closed at $50.66 with a range of $29.83 to $52.93 over the last year.

Negative News

Halliburton Company (NYSE:HAL) is a strong force to be reckoned with in the oil industry. With a global reach and strong financial backing, the company has remained in the forefront of the oil industry for several years. It has not always been in the news for favorable reason though, with  the Deepwater Horizon explosion being perhaps the biggest negative issue on the minds of investors.

In relation to the Deepwater Horizon incident, Halliburton Company (NYSE:HAL) entered a plea of guilty on July 26, 2013 in relation to charges of destruction of evidence. Halliburton Company (NYSE:HAL) was ordered to pay a $200,000.00 fine to make amends for their actions. Many of the citizens affected by the explosion and subsequent spill feel that this fine was a mere wrist slap for the company.

Negative news or not, Halliburton Company (NYSE:HAL) is still a favorite for investors. As the second largest oil company in the world it is most certainly poised to remain a dominant force in the market.