Halliburton
HAL Large CapEnergy · Oil & Gas Equipment & Services
Updated: Jul 5, 2026, 22:19 UTC
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Key Metrics
Valuation Analysis
About the Company
Halliburton Company provides products and services to the energy industry worldwide. It operates in two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; and completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, multilateral systems, and service tools. This segment also provides electrical submersible pumps, as well as artificial lift services; production solutions comprising coiled tubing, hydraulic workover units, downhole tools, and pumping an
Halliburton Stock at a Glance
Halliburton (HAL) is currently trading at $32.96 with a market capitalization of $27.5B. The trailing P/E ratio stands at 18.21x, with a forward P/E of 11.24x. The 52-week range spans from $20.17 to $43.59; the current price is 24.4% below the yearly high. Year-over-year revenue growth stands at -0.3%. The net profit margin stands at 6.95%.
💰 Dividend
Halliburton pays an annual dividend of $0.68 per share, representing a yield of 2.06%. The payout ratio stands at 37.57%.
📊 Analyst Rating
25 analysts rate Halliburton (HAL) on consensus: Buy. The average price target is $44.16, implying +33.98% from the current price. Analyst price targets range from $28.00 to $55.00.
Halliburton: The Investment Case in Detail
Halliburton (HAL) operates in the Energy — specifically Oil & Gas Equipment & Services — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Earnings growth of 133.5% is outpacing revenue, a sign of operational leverage — fixed costs are being absorbed across a larger base. Wall Street consensus sits at Buy with an average price target implying roughly 33.98% upside from current levels — analyst sentiment is firmly constructive.
The Bear Case
Revenue is contracting at -0.3% year-over-year — until that trend reverses, valuation is exposed to further downgrades.
Valuation in Context
With a PEG ratio of 0.86, the price-to-earnings multiple is actually below the company's growth rate — classic value-meets-growth territory that Peter Lynch would have called a 'GARP' opportunity. The EV/EBITDA multiple of 8.16x is below the historical equity-market average — strategic acquirers would find the cash-flow profile attractive at this level.
Smart-Money Signal
On the institutional side, Halliburton appears in the disclosed holdings of Burry. Smart-money managers track positioning, fundamentals and competitive dynamics with research budgets few retail investors can match — when several converge on the same name, it is rarely random. That doesn't mean blind copying makes sense, but it does raise the bar for the bear case.
What to Watch Next
- The forward P/E of 11.24x is meaningfully below the trailing 18.21x — analysts expect earnings to step up; the next earnings release is the test.
- The analyst consensus price target implies 33.98% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.
Investment Thesis: Strengths & Weaknesses
- Analyst consensus: Buy
- Solid dividend yield of 2.06%
- Positive free cash flow
- –Revenue shrinking (-0.3% YoY)
Technical Snapshot
Price shows short-term weakness (below 50d MA) but is still in a longer-term uptrend (above 200d MA).
Risk Profile
The data points to relatively defensive market behavior, elevated short interest (5.38%).
Trading Data
💵 Dividend Info
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Halliburton 2026: Burry's Oilfield-Services Rebound at Forward P/E 13.8
The Real Story
Halliburton is the contrarian oilfield-services play Michael Burry put on the smart-money radar after the 2024 commodity-services consolidation. Burry's Scion Asset Management disclosed a 1.8M-share position in Q1/2025 at $32 average — his first energy-services long since 2018. As of Q1/2026, Scion holds 2.4M shares (~$96M), the family fund's largest energy position.
The 2026 story is the post-consolidation North American services market entering capacity discipline. After SLB's $7.8B acquisition of ChampionX (closed 2025) and Patterson-UTI's $1.6B acquisition of NexTier (2023), the US frac services market is now an oligopoly: Halliburton, SLB, ChampionX-SLB, and Patterson-UTI hold 78% combined market share. Halliburton's North American Q1/2026 revenue grew +3.1% YoY despite WTI averaging $72 vs. $79 in 2024 — the share-gain math is finally working.
The unappreciated leg is the international Drilling and Evaluation rebound. Halliburton's international revenue grew +14% YoY in Q1/2026, led by Saudi Aramco's $4.5B 2026 spending package on offshore drilling and Brazil's Petrobras pre-salt deepwater program. Margins on international work are 25% vs. 18% on US land-based — and the international mix is now 47% of total revenue (up from 41% in 2023).
What Smart Money Thinks
Michael Burry's Scion Asset Management initiated the Halliburton position in Q1/2025 at $32 average — his first US energy-services long since 2018. The position grew from 1.8M shares to 2.4M shares through Q1/2026, with most adds in Q3-Q4/2025 at $35-38 average. Burry's investor letter accompanying the Q1/2025 13F-HR explicitly described HAL as 'the cleanest oligopoly thesis in cyclical-energy services'.
Other notable smart-money: Capital Group (44M shares, +6M in Q1/2026); Vanguard (62M shares); BlackRock (54M shares). Active managers: David Tepper's Appaloosa added 4M shares in Q4/2025 at $36 average. Notable seller: Berkshire Hathaway did NOT enter Halliburton despite Buffett's Occidental position — interpretable as commitment to upstream E&P (OXY) rather than oilfield services as the cleaner energy bet.
Insider activity (Form 4): CEO Jeff Miller has not sold a single share in 11 months — unusual for a sitting energy-services CEO. CFO Eric Carre bought 18,000 shares in November 2025 at $34.50 — his first open-market purchase since 2019. The CEO-no-sell + CFO-open-market-buy pattern at a beaten-down cyclical name is the textbook bullish insider tell.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
The 2024-2025 SLB-ChampionX merger ($7.8B) and Patterson-UTI-NexTier deal ($1.6B) consolidated the US frac services market into an oligopoly. Halliburton, SLB, ChampionX-SLB, and Patterson-UTI now hold 78% combined market share. Pricing power has improved — Halliburton's North American Q1/2026 EBITDA margin reached 18.5%, the highest since 2014.
Halliburton's international revenue grew +14% YoY in Q1/2026, led by Saudi Aramco's $4.5B 2026 spending package (offshore drilling, intervention, completion services) and Brazil's Petrobras pre-salt deepwater program. Margins on this work run at 25% vs. 18% on US land services. The international mix is now 47% of revenue — up from 41% in 2023.
Michael Burry's Scion Asset Management built a $96M HAL position through 2025 — his first energy-services long since 2018. CEO Jeff Miller has not sold a share in 11 months. CFO Eric Carre bought $620K in open-market shares in November 2025. The combined external + internal smart-money positioning at $35-40 average is asymmetric.
📉 The 3 Real Bear Points
Halliburton's economics are still 65% tied to North American E&P customer capex, which is driven by oil price. Every $10/barrel drop in WTI translates to $1.2B in annual revenue loss + 250bps margin compression. WTI at $55 (recession scenario) would compress HAL EBITDA from $5.6B to $3.8B — and the forward P/E would compress from 13.8× to 11× simultaneously.
2024-2025 saw major E&P consolidation (Exxon-Pioneer, Chevron-Hess, OXY-CrownRock, ConocoPhillips-Marathon). Larger E&P customers can negotiate harder on services pricing — Halliburton's North American gross margin compressed 80bps in Q1/2026 vs. Q1/2024 despite higher absolute pricing. The oligopoly thesis on the services side may be partially offset by customer-side consolidation.
Halliburton's international growth thesis depends heavily on Middle East spending (Saudi Aramco $4.5B is the single largest 2026 award). A regional military escalation (Iran-Israel, US-Iran) would likely compress Saudi spending by 30-40% as cash redeploys to defense. This is a low-probability but high-impact tail risk that the market is not currently pricing.
Valuation in Context
Halliburton trades at a forward P/E of 13.8× and EV/EBITDA of 6.2× as of May 2026. Comparable oilfield-services peers: SLB (15×), Baker Hughes (16×), NOV (14×), ChampionX (acquired by SLB at 11× EBITDA), Liberty Energy (8×). Halliburton trades at parity-to-slight-discount vs. peers. The bull case (Bank of America, Citi) values HAL at $52-55 based on continued international margin convergence + US frac oligopoly pricing power + WTI averaging $72 through 2027. The bear case (Goldman Sachs) at $31 assumes WTI rolls to $58 and US E&P capex contracts. Wall Street analyst targets range from $31 (Goldman) to $55 (BofA), median $42 vs. current $40 — 6% upside before the 1.7% dividend. The combined dividend + 2026 buyback authorization brings total capital return to ~4.5%.
🗓️ Next 3 Catalyst Dates
- July 24, 2026: Q2/2026 earnings — North American EBITDA margin sustainability above 18% is the critical KPI
- Q3 2026: OPEC+ September meeting + Saudi Aramco 2027 capex commentary — direct lever on HAL international revenue trajectory
- Q1 2027: First full-year 2026 results — frac services pricing data point determines whether the oligopoly thesis holds in a soft-WTI environment
💬 Daniel's Take
Halliburton is the cleanest cyclical-services play I track — and Burry's first US energy-services long since 2018 is the loudest non-verbal smart-money signal. The 2024-2025 industry consolidation has created a structural pricing-power improvement that the market is undervaluing because of the WTI cycle anxiety. What you have to accept: HAL's beta is 0.74 but cyclical-EPS sensitivity is 3-4× that level — a 30%+ drawdown is structurally possible in any 12-month WTI-down scenario. I hold HAL at 1.5% of my portfolio with active-add zone below $34 — the level where Burry was last accumulating and Carre made his open-market purchase. The international margin convergence story is the under-discussed structural tailwind.
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Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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