In a report released yesterday, Josh Silverstein from UBS reiterated a Hold rating on Halliburton, with a price target of $23.00.
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Josh Silverstein has given his Hold rating due to a combination of factors impacting Halliburton’s performance. The company is facing ongoing pricing pressures that are expected to result in a contraction of margins in the third quarter of 2025. This is a significant concern as it affects the company’s profitability. Additionally, while there is potential for increased U.S. production in 2026 that could boost activity and support pricing, there remains uncertainty about the timing and extent of this development.
Furthermore, although Halliburton’s Zeus e-fleets are performing well and the company’s investment in VoltaGrid is a positive differentiator, the overall activity environment for 2026 is anticipated to be similar to the latter half of 2025. This suggests limited growth opportunities in the near term. As a result, Silverstein is adopting a cautious approach, opting to wait for more concrete evidence of improvement before considering a more favorable rating.