Halliburton
HAL
$37.07
-0.59%
Halliburton Company is a leading provider of oilfield services, specializing in hydraulic fracturing, completions, drilling, and evaluation for the global energy industry. As North America's largest oilfield-services company by market share, it holds a dominant position in the completions market, which generates nearly half of its revenue, and leverages its material science expertise in drilling fluids and directional drilling. The current investor narrative centers on the company's strategic pivot toward international growth, highlighted by a major Indonesia deal to revive aging oil fields, while navigating volatile crude prices and geopolitical tensions that impact North American drilling activity. Recent earnings beat expectations, but the stock's performance is closely tied to oil price dynamics and the pace of international expansion.…
HAL
Halliburton
$37.07
Related headlines
HAL 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Halliburton's 12-month outlook, with a consensus price target around $43.12 and implied upside of +16.3% versus the current price.
Average Target
$43.12
0 analysts
Implied Upside
+16.3%
vs. current price
Analyst Count
—
covering this stock
Price Range
$29 - $53
Analyst target range
Halliburton is covered by 25 analysts, with a consensus recommendation of 'Buy' and a mean rating of 1.75 (where 1 is Strong Buy and 5 is Sell). The average price target is $43.12, implying an upside of +16.3% from the current price of $37.07. The distribution of ratings is bullish, with no Sell ratings and a majority of Buy or Overweight recommendations, reflecting confidence in the company's growth prospects. Recent actions include upgrades from Piper Sandler (Neutral to Overweight) and Barclays (Equal Weight to Overweight), indicating positive sentiment shifts among institutional investors.
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Bulls vs Bears: HAL Investment Factors
Halliburton presents a balanced investment case with strong international growth prospects and attractive forward valuation, but faces headwinds from flat revenue growth and margin compression. The bull case is supported by analyst upgrades and a strategic pivot to international markets, while the bear case highlights dependence on oil prices and geopolitical risks. Currently, the evidence slightly favors the bull side due to the significant upside to analyst targets and discounted forward earnings, but the primary tension lies in whether international expansion can offset North American stagnation and margin pressures. The resolution of this tension will determine the stock's trajectory over the next 12 months.
Bullish
- Strong International Growth Potential: Halliburton's strategic pivot toward international markets is evidenced by a major Indonesia deal to revive aging oil fields and expansion into Argentina's Vaca Muerta shale. These initiatives are expected to drive future growth, with the Drilling and Evaluation division generating $2.386 billion in revenue, positioning the company to capitalize on global energy demand.
- Attractive Forward Valuation: The forward PE ratio of 12.77x is significantly below the trailing PE of 18.72x, implying the market expects substantial earnings growth. This forward multiple is also below the company's historical average, suggesting the stock is trading at a discount to its own past valuation levels, offering potential upside.
- Positive Analyst Sentiment: With a consensus recommendation of 'Buy' and a mean rating of 1.75 (where 1 is Strong Buy), analysts are bullish on HAL. The average price target of $43.12 implies a +16.3% upside from the current price of $37.07, with no Sell ratings and recent upgrades from Piper Sandler and Barclays.
- Robust Long-Term Price Performance: HAL has delivered a 1-year price change of +64.98%, significantly outperforming the S&P 500's +18.65% over the same period. This strong momentum reflects the market's recognition of the company's operational performance and favorable industry conditions, despite recent volatility.
Bearish
- Flat Revenue Growth: In Q1 2026, Halliburton reported revenue of $5.402 billion, a slight decline of -0.28% year-over-year. This flattening growth trajectory, with revenue remaining around $5.4-5.7 billion over the past year, suggests a mature phase in the North American market, limiting near-term expansion.
- Dependence on Oil Prices: HAL's performance is closely tied to crude oil prices, as evidenced by the stock's recent volatility. The sudden de-escalation in Middle East tensions in April 2026 caused crude to plunge 14%, leading to a significant drop in HAL's stock price from $42.30 to $31.19 by late July, highlighting its sensitivity to geopolitical events.
- Margin Pressure: Gross margin has declined from 18.3% in Q4 2024 to 14.6% in Q1 2026, indicating increasing cost pressures. Operating margin also fell to 12.6% in Q1 2026 from 16.6% in Q4 2024, suggesting that the company is facing challenges in maintaining profitability amid competitive pricing.
- High Valuation Relative to Peers: Despite the forward PE of 12.77x, the stock's price-to-sales ratio of 1.07x and EV-to-EBITDA of 7.19x are elevated compared to historical norms. The stock trades at 85.1% of its 52-week range, suggesting limited upside without additional catalysts, and any earnings miss could lead to multiple compression.
HAL Technical Analysis
Halliburton's stock has demonstrated a robust long-term uptrend, with a 1-year price change of +64.98%, significantly outperforming the S&P 500's +18.65% over the same period. The current price of $37.07 sits at 85.1% of its 52-week range (between $21.46 low and $43.59 high), indicating the stock is trading near the upper end of its range, reflecting strong momentum but also potential overextension. This positioning suggests the market is rewarding the company's operational performance and favorable industry conditions, though it may also imply limited upside without further catalysts.
Beta
0.77
0.77x market volatility
Max Drawdown
-27.4%
Largest decline past year
52-Week Range
$21-$44
Price range past year
Annual Return
+65.0%
Cumulative gain past year
| Period | HAL Return | S&P 500 |
|---|---|---|
| 1m | +16.5% | -0.4% |
| 3m | -5.4% | +4.2% |
| 6m | +8.9% | +13.7% |
| 1y | +65.0% | +19.0% |
| ytd | +25.2% | +12.9% |
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HAL Fundamental Analysis
In the most recent quarter (Q1 2026), Halliburton reported revenue of $5.402 billion, a slight decline of -0.28% year-over-year, indicating a flattening growth trajectory after several quarters of expansion. The company's revenue has remained relatively stable around $5.4-5.7 billion over the past year, with Q4 2025 at $5.657 billion and Q3 2025 at $5.600 billion, suggesting a mature phase in the North American market. However, international segments, particularly the Drilling and Evaluation division, which generated $2.386 billion in revenue, are expected to drive future growth, supported by recent contract wins in Indonesia and Argentina's Vaca Muerta shale.
Quarterly Revenue
$5.4B
2026-03
Revenue YoY Growth
-0.3%
YoY Comparison
Gross Margin
14.6%
Latest Quarter
Free Cash Flow
$1.7B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is HAL Overvalued?
Given Halliburton's positive net income, the price-to-earnings (PE) ratio is the most appropriate valuation metric. The trailing PE stands at 18.72x, while the forward PE is 12.77x, indicating that the market expects significant earnings growth in the coming year. This gap of approximately 32% between trailing and forward earnings suggests that analysts anticipate a substantial improvement in profitability, likely driven by international expansion and cost efficiencies. The forward PE of 12.77x is below the company's historical average, implying that the stock is trading at a discount to its own past valuation levels.
PE
18.7x
Latest Quarter
vs. Historical
Mid-Range
5-Year PE Range 6x~33x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
7.2x
Enterprise Value Multiple
