Halliburton initiated with a Buy at Benchmark

Benchmark analyst Kurt Hallead initiated coverage of Halliburton with a Buy rating and $50 price target. Halliburton is in a strong position to benefit from increased E&P spending on international and offshore projects in the intermediate term and continue to generate industry leading returns in the U.S. frac market, Hallead tells investors in a research note. Though frac activity growth is expected to moderate in 2023, the analyst expects continue margin expansion as frac fleets roll onto higher priced leading edge work.