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Halliburton
(NYSE:HAL)
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Rating:68Neutral
Price Target:
$37.00
â–¼(-0.40% Downside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by steady financial resilience (positive earnings, strong and growing free cash flow, manageable leverage) and constructive technical momentum (price above major moving averages, positive MACD). Offsetting these positives are a cooling fundamental trajectory (revenue decline and margin compression), fair—not cheap—valuation (P/E ~17.7 with a modest yield), and earnings-call risks tied to Middle East conflict impacts and softer Completion & Production results.
Positive Factors
Strong free cash flow generation
Consistent multi-hundred-million dollar free cash flow and strong recent FCF growth provide durable financial flexibility. This supports debt servicing, targeted buybacks, and reinvestment in technology and offshore projects, underpinning resilience through oilfield activity cycles over the next several quarters.
Negative Factors
Top-line decline and margin compression
Sustained revenue declines and lower margins signal weaker activity or pricing in key services. If trends persist, pressure on return metrics and reinvestment capacity could emerge, making sustained margin recovery and reinvestment-dependent growth harder without structural demand pickup.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent multi-hundred-million dollar free cash flow and strong recent FCF growth provide durable financial flexibility. This supports debt servicing, targeted buybacks, and reinvestment in technology and offshore projects, underpinning resilience through oilfield activity cycles 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
$29.18B
Dividend Yield2.41%
Average Volume (3M)11.31M
Price to Earnings (P/E)19.0
Beta (1Y)0.70
Revenue Growth-1.72%
EPS Growth-23.60%
CountryUS
Employees48,000
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)1.82
Shares Outstanding835,397,700
10 Day Avg. Volume13,285,989
30 Day Avg. Volume11,314,585
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 Cap1.25
Enterprise Value/Revenue1.64
Enterprise Value/Gross Profit10.71
Enterprise Value/Ebitda8.84
Forecast
1Y Price Target
$45.27Price Target Upside21.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)2.36
Revenue Forecast (FY)$22.23B
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:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Neutral
The call balances near-term geopolitical-driven headwinds—primarily a material impact from the Middle East conflict that reduced activity and raised costs—with multiple strong strategic and operational positives: geographic outperformance in Latin America and Europe/Africa, meaningful technology and automation wins (Zeus deployments, Sekal acquisition, VoltaGrid pipeline), offshore contract momentum, and early signs of North American recovery. Financially the quarter was stable overall (revenue flat YoY, 13% operating margin) but included segment-level weakness (Completion & Production operating income down 17%) and an explicit Q2 EPS headwind from the conflict. Management remains optimistic about medium-term demand and has clear plans to capitalize on technology and international growth engines while managing costs and capital allocation.Positive Updates
Stable Total Revenue with Solid Margins
Total company revenue of $5.4B in Q1 2026 (flat YoY) with operating income of $679M and an operating margin of 13%.
Negative Updates
Middle East Conflict Impact
Middle East/Asia revenue $1.3B, down 13% YoY; conflict-related disruptions reduced activity across multiple product lines, increased logistics costs and purchased materials prices, and produced a Q2 estimated EPS headwind of ~$0.07–$0.09 (Q1 impact ~ $0.02–$0.03).
Read all updates
Q1-2026 Updates
Positive
Negative
Stable Total Revenue with Solid Margins
Total company revenue of $5.4B in Q1 2026 (flat YoY) with operating income of $679M and an operating margin of 13%.
Read all positive updates
Company Guidance
Halliburton guided Q2 2026 with a Q1 baseline of $5.4B revenue (flat YoY), $679M operating income (13% margin), $0.55 diluted EPS, $273M cash from operations, $123M free cash flow and $100M stock repurchase in Q1; segment and regional Q1 metrics included Completion & Production revenue $3.0B (-3% YoY) with $439M operating income (15% margin, -17% YoY), Drilling & Evaluation revenue $2.4B (+4% YoY) with $351M operating income (15% margin), international $3.3B (+3% YoY), North America $2.1B (-4% YoY), Europe/Africa $858M (+11%), Middle East/Asia $1.3B (-13%), and Latin America $1.1B (+22%). For Q2 the company expects a Middle East conflict impact of roughly $0.07–$0.09 per share (in addition to the ~$0.02–$0.03/ share hit in Q1) embedded in divisional guidance; Completion & Production revenue to rise 4%–6% sequentially with margins up 50–100 bps; Drilling & Evaluation revenue to be flat to down 2% with margins down 75–125 bps. Other Q2/fiscal guides: corporate expense up about $5M (Q1 corporate $69M), SAP spend ~ $45M (Q1 $42M), net interest up ~$5M (Q1 $82M), other net expense ~ $35M (Q1 $28M), effective tax rate ~20% for Q2 and full year, and full-year CapEx about $1.1B (Q1 CapEx $192M); management also said buybacks will be higher in Q2 and H2 versus Q1/H1.Halliburton Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.17B | 22.18B | 22.94B | 23.02B | 20.30B | 15.29B |
| Gross Profit | 3.40B | 3.48B | 4.30B | 4.36B | 3.24B | 2.02B |
| EBITDA | 4.11B | 4.12B | 5.00B | 4.94B | 3.94B | 2.65B |
| Net Income | 1.54B | 1.28B | 2.50B | 2.64B | 1.57B | 1.46B |
Balance Sheet | ||||||
| Total Assets | 25.14B | 25.01B | 25.59B | 24.68B | 23.25B | 22.32B |
| Cash, Cash Equivalents and Short-Term Investments | 2.00B | 2.21B | 2.62B | 2.26B | 2.35B | 3.04B |
| Total Debt | 8.08B | 8.13B | 8.77B | 8.81B | 8.94B | 10.22B |
| Total Liabilities | 14.32B | 14.51B | 15.04B | 15.25B | 15.28B | 15.59B |
| Stockholders Equity | 10.82B | 10.46B | 10.51B | 9.39B | 7.95B | 6.71B |
Cash Flow | ||||||
| Free Cash Flow | 1.68B | 1.67B | 2.42B | 2.08B | 1.23B | 1.11B |
| Operating Cash Flow | 2.82B | 2.93B | 3.87B | 3.46B | 2.24B | 1.91B |
| Investing Cash Flow | -784.00M | -1.32B | -1.65B | -1.66B | -967.00M | -534.00M |
| Financing Cash Flow | -1.82B | -1.99B | -1.73B | -1.67B | -1.80B | -838.00M |
Halliburton Technical Analysis
Negative
37.15
Price Trends
39.18
Negative
37.63
Negative
32.44
Positive
Market Momentum
-1.71
Positive
26.98
Positive
8.01
Positive
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 37.15 is above the 20-day moving average (MA) of 37.06, below the 50-day MA of 39.18, and above the 200-day MA of 32.44, indicating a neutral trend. The MACD of -1.71 indicates Positive momentum. The RSI at 26.98 is Positive, neither overbought nor oversold. The STOCH value of 8.01 is Positive, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $29.14B | 14.37 | 11.65% | 4.43% | 1.69% | 16.35% | |
74 Outperform | $25.96B | 24.48 | 32.54% | 0.44% | 9.44% | 36.97% | |
72 Outperform | $57.95B | 18.56 | 16.84% | 2.04% | 0.20% | 6.96% | |
70 Outperform | $71.90B | 21.81 | 13.46% | 2.98% | -0.53% | -22.59% | |
68 Neutral | $29.18B | 18.98 | 14.67% | 2.41% | -1.72% | -23.60% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $6.50B | 75.42 | 1.45% | 3.24% | -1.33% | -84.10% |
* Energy Sector Average
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Halliburton Corporate Events
Business Operations and StrategyShareholder Meetings
Halliburton Shareholders Back Board, Auditor and Compensation Plans
Positive
May 20, 2026
At its May 20, 2026 Annual Meeting of Shareholders, Halliburton Company reported that investors re-elected all director nominees, underscoring broad support for the current board. Shareholders also ratified KPMG LLP as the company’s independ...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Halliburton Posts Strong Q1 2026 Profit Growth
Positive
Apr 21, 2026
On April 21, 2026, Halliburton reported first-quarter 2026 net income of $461 million, or $0.55 per diluted share, more than double the $204 million, or $0.24 per share, earned a year earlier, on flat revenue of $5.4 billion and an operating margi...
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.