Halliburton

HAL · NYSE

$33.59+$0.61 (+1.85%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $32.98

HAL analyst rating

BuyConsensus of 18 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy15
Hold3
Underperform0
Sell0

12-month price target · 28 analysts

Average $43.95 (+30.8% upside)

Low: $29.29
Now: $33.59
High: $55.65

Upgrades and downgrades

The latest rating actions, newest first

HAL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 19, 2026	Maintains	Overweight	$43.00 → $42.00	46%
UBS	Sep 14, 2026	Maintains	Neutral	$39.00 → $42.00	55%
UBS	Jul 27, 2026	Maintains	Neutral	$40.00 → $39.00	55%
Argus Research	Jul 23, 2026	Maintains	Buy	$45.00 → $40.00	59%
Morgan Stanley	Jul 22, 2026	Maintains	Overweight	$41.00 → $40.00	73%
TD Cowen	Jul 22, 2026	Maintains	Buy	$48.00 → $47.00	51%
Freedom Broker	Jul 22, 2026	Upgrade	Sell → Hold	$32.00 → $37.00	75%
Evercore ISI Group	Jul 22, 2026	Maintains	Outperform	$46.00 → $43.00	47%
Barclays	Jul 22, 2026	Maintains	Overweight	$55.00 → $53.00	54%
Piper Sandler	Jul 14, 2026	Upgrade	Neutral → Overweight	$40.00 → $43.00	46%

The case for and against

Updated Oct 7, 2026

Bull case

Halliburton is well positioned because it combines North America’s largest oilfield-services scale with leadership in hydraulic fracturing and completions, giving it outsized exposure to the most profitable part of the well lifecycle. The business is entering an early-stage recovery, with 1H fracturing white space largely filled, rising spot-work inquiries, tight premium-equipment availability, and 2026 international revenue expected to grow in the mid- to high-single digits ex-Middle East, led by Latin America. Strong 1Q26 results, adjusted EBITDA of $1,016 million and 2026/27 EBITDA estimates lifted to about $4.2/$4.5 billion, reinforce the view that improving utilization, pricing, and technology-driven efficiency can expand margins and support stronger returns.

Bear case

Halliburton is facing a negative outlook because its scale and technology leadership have not insulated it from cyclical demand weakness, as 1Q26 revenue of $5,402 million declined 0.3% year over year and North America revenue fell 4.5% while Middle East/Asia dropped 12.7%. Despite adjusted EBITDA of $974 million and EPS of $0.55 beating estimates, both EBITDA and margins contracted sequentially and year over year, signaling softer underlying profitability from lower stimulation activity, reduced completion tool sales, and margin pressure in C&P. Near-term risks remain elevated from Middle East disruptions, the Strait of Hormuz shutdown, higher logistics and material costs, and a potential recession-driven drop in oil demand that could further curb customer spending and capital discipline.

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