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Halliburton
(NYSE:HAL)
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Rating:67Neutral
Price Target:
$36.00
â–²(6.51% Upside)
Action:Reiterated
Date:10/20/26
The score is primarily supported by solid overall financial performance (strong TTM revenue growth and improved leverage) and constructive earnings-call outlook (international-led growth, cost savings, and margin expansion targets). Offsetting these positives are weakened cash-flow conversion and margin compression versus prior peaks, along with softer technical conditions (price below key moving averages and negative MACD).
Positive Factors
Strong revenue growth
A 46% TTM revenue increase shows that Halliburton is capturing stronger customer activity and service demand. Sustained top-line expansion supports operating leverage, funds technology and growth initiatives, and reinforces the company’s earnings base over the next several quarters.
Negative Factors
Margin compression
Profitability remains positive but is materially below prior peak levels, showing that revenue growth has not fully translated into earnings expansion. Persistent margin pressure could constrain reinvestment, reduce operating leverage, and make results more sensitive to service pricing and activity changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
A 46% TTM revenue increase shows that Halliburton is capturing stronger customer activity and service demand. Sustained top-line expansion supports operating leverage, funds technology and growth initiatives, and reinforces the company’s earnings base over the next several quarters.
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
$27.48B
Dividend Yield2.02%
Average Volume (3M)9.83M
Price to Earnings (P/E)14.1
Beta (1Y)0.62
Revenue Growth0.63%
EPS Growth-10.50%
CountryUS
Employees46,000
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)2.39
Shares Outstanding833,130,400
10 Day Avg. Volume8,769,208
30 Day Avg. Volume9,833,151
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 Cap1.20
Enterprise Value/Revenue1.46
Enterprise Value/Gross Profit9.74
Enterprise Value/Ebitda8.14
Forecast
1Y Price Target
$43.07Price Target Upside27.43% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)2.34
Revenue Forecast (FY)$22.45B
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 providing oilfield services, products, and integrated solutions that customers (oil and gas producers) purchase to drill, complete, and produce wells. Revenue is primarily generated through service contracts, project-bas...
Halliburton Earnings Call Summary
Earnings Call Date:Oct 20, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 26, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Halliburton reported revenue above expectations, international growth, strong technology-driven demand, a sizable contract pipeline, and a 2027 outlook for mid-single-digit revenue growth and approximately 15% operating margins. The main challenges were weaker-than-expected North America frac activity, lower C&P results, Middle East uncertainty and logistics costs, and third-quarter free cash flow below expectations. Management nevertheless expressed confidence in international growth, cost savings, margin expansion, and continued demand for oilfield services.Positive Updates
Third-Quarter Revenue and Margin Performance
Halliburton delivered third-quarter revenue of $5.7 billion, adjusted operating income of $731 million, adjusted operating margin of 12.8%, and adjusted diluted EPS of $0.60. Revenue exceeded expectations, and management said it took important steps toward improving margins.
Negative Updates
North America Revenue Decline and Frac Weakness
North America revenue was $2.2 billion, down 5% sequentially and 9% year over year. The North America frac market did not recover as strongly as anticipated, and Halliburton moved several crews to new customers at better pricing, creating more downtime than expected and weighing on regional and C&P performance.
Read all updates
Q3-2026 Updates
Positive
Negative
Third-Quarter Revenue and Margin Performance
Halliburton delivered third-quarter revenue of $5.7 billion, adjusted operating income of $731 million, adjusted operating margin of 12.8%, and adjusted diluted EPS of $0.60. Revenue exceeded expectations, and management said it took important steps toward improving margins.
Read all positive updates
Company Guidance
For Q4, Halliburton expects total company revenue to remain approximately flat to Q3, around $5.7 billion, operating income margin to improve about 70 basis points, and earnings per share to be approximately $0.62 to $0.64; C&P revenues are expected to increase 3 to 5% with operating margins improving 75- to 125- basis points, while D&E revenue is expected to be 3 to 5% lower with operating margins flat to up 50-basis-points. Capital expenditures for the full year 2026 are expected to be about $1.1 billion, Q4 cash flow from operations is expected to be about $1 billion, and free cash flow for the year is expected to be about $1.6 billion. For 2027, Halliburton expects revenue growth in the mid single digits, operating income margins to expand about 200-basis-points or to about 15 percent, assuming flat North America, Middle East activity in line with the second half of 26, and steady growth in other regions; about $500 to $600 million in operating profit is expected from the 200-basis-point margin improvement, with about half coming from cost savings, estimated cost savings of about $250 to $300 million, and incremental margins on additional revenue in the 20 to 30% range.Halliburton Financial Statement Overview
Summary
Income Statement
74
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 | 22.48B | 22.18B | 22.94B | 23.02B | 20.30B | 15.29B |
| Gross Profit | 3.37B | 3.48B | 4.30B | 4.36B | 3.24B | 2.02B |
| EBITDA | 4.04B | 4.12B | 5.00B | 4.94B | 3.94B | 2.65B |
| Net Income | 2.00B | 1.28B | 2.50B | 2.64B | 1.57B | 1.46B |
Balance Sheet | ||||||
| Total Assets | 26.07B | 25.01B | 25.59B | 24.68B | 23.25B | 22.32B |
| Cash, Cash Equivalents and Short-Term Investments | 1.84B | 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 | 14.91B | 14.51B | 15.04B | 15.25B | 15.28B | 15.59B |
| Stockholders Equity | 11.12B | 10.46B | 10.51B | 9.39B | 7.95B | 6.71B |
Cash Flow | ||||||
| Free Cash Flow | 1.60B | 1.67B | 2.42B | 2.08B | 1.23B | 1.11B |
| Operating Cash Flow | 2.63B | 2.93B | 3.87B | 3.46B | 2.24B | 1.91B |
| Investing Cash Flow | -969.00M | -1.32B | -1.65B | -1.66B | -967.00M | -534.00M |
| Financing Cash Flow | -1.81B | -1.99B | -1.73B | -1.67B | -1.80B | -838.00M |
Halliburton Technical Analysis
Negative
33.80
Price Trends
34.08
Negative
34.54
Negative
35.46
Negative
Market Momentum
-0.22
Negative
53.71
Neutral
82.31
Negative
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 above the 20-day moving average (MA) of 32.58, below the 50-day MA of 34.08, and below the 200-day MA of 35.46, indicating a neutral trend. The MACD of -0.22 indicates Negative momentum. The RSI at 53.71 is Neutral, neither overbought nor oversold. The STOCH value of 82.31 is Negative, 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 | $27.40B | 23.53 | 35.29% | 0.29% | 8.77% | 35.66% | |
71 Outperform | $55.40B | 17.72 | 16.25% | 1.65% | 0.42% | 1.75% | |
70 Outperform | $72.86B | 24.03 | 11.84% | 2.34% | 2.34% | -29.38% | |
69 Neutral | $5.60B | 14.09 | 22.39% | 1.35% | -7.17% | -22.96% | |
67 Neutral | $27.48B | 14.05 | 18.44% | 2.02% | 0.63% | -10.50% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $6.68B | 72.92 | 1.53% | 2.29% | -1.63% | -78.44% |
* Energy Sector Average
HAL
Halliburton
33.59
7.80
30.26%
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FTI
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18.96
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45.80%
SLB
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49.98
15.91
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WFRD
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79.34
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19.56%
Halliburton Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Halliburton Posts Solid Q3 2026 Earnings Performance
Positive
Oct 20, 2026
On October 20, 2026, Halliburton reported third-quarter 2026 net income of $417 million, or $0.50 per diluted share, and adjusted net income of $501 million, or $0.60 per share, on flat revenue of $5.7 billion and an adjusted operating margin of 1...
Business Operations and StrategyExecutive/Board Changes
Halliburton Adds Veteran Energy Executive to Board
Positive
Oct 15, 2026
On October 15, 2026, Halliburton appointed David C. Hernandez, president and director of Hunt Consolidated, to its board of directors, maintaining the board’s size at 12 members. Hernandez, a veteran energy executive with international exper...
Business Operations and StrategyExecutive/Board Changes
Halliburton Appoints Maurice Smith Lead Independent Director
Neutral
Sep 16, 2026
On September 15, 2026, Halliburton’s independent directors elected Maurice S. Smith as Lead Independent Director, effective immediately, to serve until the next annual election or an earlier termination event. In connection with his election...
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.