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Halliburton
(NYSE:HAL)
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Rating:64Neutral
Price Target:
$40.00
â–²(18.34% Upside)
Action:Reiterated
Date:07/21/26
The score is driven primarily by solid underlying fundamentals (profitability, improving leverage, positive free cash flow) tempered by signs of post-peak margin and cash-flow normalization. The latest earnings call adds support via guided margin expansion, strong international wins, and resumed buybacks, but geopolitical disruption risk remains notable. Technical signals are mixed-to-weak (negative MACD and below key moving averages), and valuation is moderate with only a modest dividend yield.
Positive Factors
Improving Balance Sheet Leverage
Halliburton’s materially lower leverage and rising equity base improve financial resilience after the industry’s stronger cycle. A debt-to-equity ratio near 0.75x provides greater flexibility to fund technology, support customers, return capital, and absorb cyclical volatility without excessive balance-sheet strain.
Negative Factors
Revenue and Margin Normalization
Halliburton remains profitable, but flat revenue and lower margins show that earnings power has cooled from the recent peak rather than continuing to expand. This normalization may constrain organic profit growth and makes sustained improvement dependent on pricing, utilization, and operational execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Balance Sheet Leverage
Halliburton’s materially lower leverage and rising equity base improve financial resilience after the industry’s stronger cycle. A debt-to-equity ratio near 0.75x provides greater flexibility to fund technology, support customers, return capital, and absorb cyclical volatility without excessive balance-sheet strain.
Read all positive factors
Halliburton Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, highlighting where Halliburton is performing well and where it may encounter challenges or opportunities due to regional market dynamics or geopolitical factors.
Breaks down revenue across different regions, highlighting where Halliburton is performing well and where it may encounter challenges or opportunities due to regional market dynamics or geopolitical factors.
Data provided by:
The Fly
The FlyHalliburton (HAL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$26.56B
Dividend Yield2.14%
Average Volume (3M)10.75M
Price to Earnings (P/E)16.7
Beta (1Y)0.63
Revenue Growth0.63%
EPS Growth-10.50%
CountryUS
Employees46,000
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)1.91
Shares Outstanding833,130,400
10 Day Avg. Volume10,722,717
30 Day Avg. Volume10,745,375
Financial Highlights & Ratios
PEG Ratio-0.40
Price to Book (P/B)2.27
Price to Sales (P/S)1.07
P/FCF Ratio14.18
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$42.59Price Target Upside26.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)2.34
Revenue Forecast (FY)$22.35B
Halliburton Business Overview & Revenue Model
Company Description
Halliburton Company (HAL) is a global supplier of products and services tailored for the energy sector. Its operations are structured into two primary divisions: Completion and Production, and Drilling and Evaluation. The Completion and Production...
How the Company Makes Money
Halliburton makes money by selling oilfield services and related products to exploration and production customers under contracts tied to specific wells, projects, or multi-well development programs. Revenue is reported mainly through two operatin...
Halliburton Earnings Call Summary
Earnings Call Date:Jul 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 20, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive and growth-oriented outlook: solid sequential revenue growth, strong cash generation, resumed buybacks, robust international contract awards (including transformational IFMS work in Iraq) and clear technology-led differentiation underpin expectations for revenue growth and margin expansion. Near-term headwinds include Middle East operational disruption, mobilization/start-up costs and some seasonal/software timing impacts, but management's guidance builds in a steady activity baseline and anticipates sequential margin improvement in both business segments for Q3.Positive Updates
Total Company Revenue and Margin Expansion
Q2 total revenue of $5.7 billion (up 6% sequentially vs Q1 2026) with adjusted operating income of $683 million and adjusted operating margin of 12%.
Negative Updates
Middle East Disruption and Uncertainty
Conflict-related disruption in the Middle East caused lower activity across multiple product service lines (notably Kuwait, Iraq, Qatar) and created a highly fluid operating environment; Middle East & Asia revenue was $1.3 billion, down 2% sequentially. Management did not assume a recovery to pre-conflict levels in guidance (assumed steady activity).
Read all updates
Q2-2026 Updates
Positive
Negative
Total Company Revenue and Margin Expansion
Q2 total revenue of $5.7 billion (up 6% sequentially vs Q1 2026) with adjusted operating income of $683 million and adjusted operating margin of 12%.
Read all positive updates
Company Guidance
Halliburton’s Q3 guidance builds off Q2 benchmarks of $5.7B revenue, $683M adjusted operating income (12% adjusted operating margin), $824M cash from operations, $668M free cash flow, $0.64 reported EPS ($0.55 adjusted), $3.4B international and $2.3B North America revenue, C&P $3.2B (15% op margin) and D&E $2.5B (13% op margin). For Q3 management expects C&P revenue flat to down 2% with margins up 125–175 bps and D&E revenue down 3–5% with margins up 25–75 bps; corporate expense ~$80M, SAP spend ~$45M, net interest up ~ $5M (to ≈$88M), other net ≈$35M, and an effective tax rate ≈19%. Full‑year capex is pegged at ~$1.1B (Q2 capex $235M), the company repurchased ~ $200M of stock in Q2 and plans to re‑establish buybacks on a continuous basis, and assumptions include steady Middle East activity (no recovery to pre‑war levels baked in) while international ex‑Middle East is expected to grow low double‑digits, underpinning management’s expectation of revenue growth and margin expansion.Halliburton Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
71
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.37B | 22.18B | 22.94B | 23.02B | 20.30B | 15.29B |
| Gross Profit | 3.38B | 3.48B | 4.30B | 4.36B | 3.24B | 2.02B |
| EBITDA | 4.15B | 4.12B | 5.00B | 4.94B | 3.94B | 2.65B |
| Net Income | 1.60B | 1.28B | 2.50B | 2.64B | 1.57B | 1.46B |
Balance Sheet | ||||||
| Total Assets | 25.83B | 25.01B | 25.59B | 24.68B | 23.25B | 22.32B |
| Cash, Cash Equivalents and Short-Term Investments | 2.05B | 2.21B | 2.62B | 2.26B | 2.35B | 3.04B |
| Total Debt | 8.20B | 8.13B | 8.77B | 8.81B | 8.94B | 10.22B |
| Total Liabilities | 14.78B | 14.51B | 15.04B | 15.25B | 15.28B | 15.59B |
| Stockholders Equity | 11.01B | 10.46B | 10.51B | 9.39B | 7.95B | 6.71B |
Cash Flow | ||||||
| Free Cash Flow | 1.73B | 1.67B | 2.42B | 2.08B | 1.23B | 1.11B |
| Operating Cash Flow | 2.75B | 2.93B | 3.87B | 3.46B | 2.24B | 1.91B |
| Investing Cash Flow | -911.00M | -1.32B | -1.65B | -1.66B | -967.00M | -534.00M |
| Financing Cash Flow | -1.79B | -1.99B | -1.73B | -1.67B | -1.80B | -838.00M |
Halliburton Technical Analysis
Negative
33.80
Price Trends
33.89
Negative
35.54
Negative
35.16
Negative
Market Momentum
-0.86
Positive
33.64
Neutral
23.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HAL, the sentiment is Negative. The current price of 33.8 is below the 20-day moving average (MA) of 34.00, below the 50-day MA of 33.89, and below the 200-day MA of 35.16, indicating a bearish trend. The MACD of -0.86 indicates Positive momentum. The RSI at 33.64 is Neutral, neither overbought nor oversold. The STOCH value of 23.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HAL.
Halliburton Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $27.00B | 23.49 | 35.29% | 0.29% | 8.77% | 35.66% | |
75 Outperform | $72.22B | 23.43 | 11.84% | 2.40% | 2.34% | -29.38% | |
74 Outperform | $5.70B | 15.63 | 21.52% | 1.35% | -7.17% | -22.96% | |
71 Outperform | $55.21B | 17.83 | 16.25% | 1.64% | 0.42% | 1.75% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $26.56B | 16.66 | 15.08% | 2.14% | 0.63% | -10.50% | |
63 Neutral | $6.74B | 72.31 | 1.53% | 2.31% | -1.63% | -78.44% |
* Energy Sector Average
HAL
Halliburton
31.85
7.97
33.40%
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FTI
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SLB
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WFRD
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Halliburton Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Halliburton Posts Strong Q2 2026 Earnings and Growth
Positive
Jul 21, 2026
Halliburton reported second-quarter 2026 net income of $534 million, or $0.64 per diluted share, on revenue of $5.7 billion and an operating margin of 14%, with adjusted figures showing $461 million in net income and a 12% operating margin. Cash f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.