Company Overview
Halliburton in one sentence: The world's second-largest oilfield services company, providing drilling, completion, and production technology to oil & gas producers across 70+ countries — essentially the "picks and shovels" play on global energy capex.
1919
Founded (Houston, TX)
Business Segments
| Segment | Revenue Est. | Key Services | Margin Profile |
|---|
| Completion & Production |
~$12B |
Cementing, stimulation, production chemicals, artificial lift |
Higher margin |
| Drilling & Evaluation |
~$10B |
Drill bits, logging, directional drilling, testing |
Moderate margin |
Why HAL benefits from rising oil prices: When oil producers expect higher revenues, they increase capital expenditure on drilling and well completion — Halliburton's core business. With WTI at $91.60 and OPEC+ managing supply, E&P companies are in active expansion mode. HAL is the direct beneficiary of this capex cycle, particularly in North America unconventional (shale) and international deepwater markets. Think of HAL as the company that makes the machines that make the oil — they win when drilling activity goes up, regardless of whether a specific well succeeds.
Fundamentals
$22.18B
Revenue (TTM)
+0.8% YoY
$4.12B
EBITDA
Margin 18.6%
$2.42
EPS (Annual)
Beats 2 of last 2 Qs
9.38x
EV/EBITDA
Fair for energy
2.1%
Dividend Yield
$0.68/year
12.3%
ROE
Solid for sector
Key Financial Metrics
| Metric | Value | Interpretation |
|---|
| Revenue |
$22.18B |
Modest growth (+0.8%) — volume expansion, not price only |
| Gross Margin |
15.7% |
Typical for services (asset-heavy labor model) |
| Operating Margin |
14.9% |
Improving trend — pricing power returning |
| Net Margin |
5.8% |
Compressed by interest costs on $8.32B debt |
| ROA |
7.4% |
Above-average for capital-intensive energy sector |
| Cash |
$2.21B |
Adequate liquidity, supports dividend + buybacks |
| Total Debt |
$8.32B |
Net debt ~$6.1B — manageable at current EBITDA |
| P/B Ratio |
3.10x |
Book value $12.53/share — premium warranted by earnings power |
| EV/Revenue |
1.74x |
Reasonable for a business with improving margins |
| EV/EBITDA |
9.38x |
Below energy sector average (~11x) — undervalued vs peers |
| Analyst Consensus Target |
$37.06 (Buy) |
BELOW current price — analysts have been too cautious |
Quarterly Earnings Track Record
| Quarter | EPS Actual | EPS Estimate | Surprise |
|---|
| Q4 2025 |
$0.69 |
$0.546 |
+26.4% Beat |
| Q3 2025 |
$0.58 |
$0.496 |
+17.0% Beat |
| Q2 2025 |
$0.55 |
$0.554 |
In-line |
| Q1 2025 |
$0.60 |
$0.600 |
In-line |
Reading the numbers: The consecutive Q3 and Q4 earnings beats are a strong signal — it means Halliburton's business is accelerating faster than analysts can update their models. The net debt of $6.1B is not alarming for a $32B company (Debt/EBITDA < 2x), and the 2.1% dividend yield provides a real cash return while waiting for the trade to play out. The only red flag is the analyst consensus target at $37.06 — below the current price — but this likely reflects models that haven't yet fully priced in the oil price surge above $90.
Insiders & Institutional Ownership
89%
Institutional Ownership
Very high — large-cap anchor
0.5%
Insider Ownership
Typical for large-cap
837.5M
Shares Outstanding
Float: 832.3M
Neutral
Insider Signal
Grants only — no open mkt buys/sells
Recent Insider Transactions
| Name | Title | Shares | Price | Type | Signal |
|---|
| Jeffrey Allen Miller |
CEO |
171,200 |
$34.96 |
Equity Grant |
Compensation |
| Van H. Beckwith |
EVP |
54,348 |
$34.96 |
Equity Grant |
Compensation |
| Van H. Beckwith |
EVP |
19,618 |
$33.82 |
Equity Grant |
Compensation |
| Jeffrey Shannon Slocum |
COO |
23,895 |
$32.30 |
Equity Grant |
Compensation |
| Lawrence Pope |
EVP |
100,000 |
$32.25 |
Equity Grant |
Compensation |
Reading insider transactions: These transactions are classified as equity compensation grants, not open-market buys or sells. This is entirely normal for a large-cap S&P 500 company — executives receive stock as part of their annual compensation packages. There is no signal of insider buying (bullish) or selling (bearish) from these filings. The 89% institutional ownership is positive: it means large, sophisticated money managers hold HAL, and they tend to be patient, longer-term holders.
Capital Structure & Dilution
837.5M
Shares Outstanding
~$143.6M shs
Convert. Notes Potential
Convertible Notes & Warrants
| Instrument | Principal | Conversion Price | Potential Shares | Status | Risk |
|---|
| Conv. Notes 2030 |
$1.5B |
~$29.85 |
~50.25M shares |
ITM (current $38.79) |
Moderate |
| Conv. Notes 2032 |
$2.7B |
~$28.91 |
~93.39M shares |
ITM (current $38.79) |
Moderate |
| Warrants |
— |
$32.00 |
4,422 recently exercised |
ITM — Oct 2026 exp. |
Minimal |
| Total Potential Dilution |
$4.2B |
— |
~143.6M shares |
— |
~17% of outstanding |
Dilution Risk: Moderate — Manageable for Investment-Grade
The ~143.6M potential shares from convertible notes represent ~17% of current outstanding. However, this is entirely typical for a $32B investment-grade energy company. Halliburton carries an investment-grade credit rating and these convertibles were issued as standard corporate financing tools — not distressed fundraising. There are no S-3 shelf registrations, no ATM programs, no toxic financing, and no serial dilution history. The warrants at $32 strike (4,422 recently exercised) are negligible in size. At current oil prices, Halliburton generates sufficient free cash flow to manage its debt obligations comfortably.
Short Interest & Market Structure
36.8M
Shares Short
Rising trend — concern
5.86%
Short Interest / Float
Moderate — not squeeze level
2.83j
Days-to-Cover
Low — no acute squeeze setup
0.38%
CTB (Cost-to-Borrow)
Very low — easy to borrow
Short Interest History (Oct 2025 – Mar 2026)
Rising short interest at 52-week highs — what does it mean? Short interest has nearly doubled from ~20M shares in October 2025 to ~37M shares in March 2026 — while the stock has rallied +92%. This is a classic short buildup against a breakout: bears betting the rally is overdone. With Days-to-Cover at 2.83 and CTB at only 0.38%, there is no imminent short squeeze risk, but the growing short base could act as fuel if HAL continues to push higher — shorts will eventually be forced to cover. This is a secondary bullish factor, not the primary thesis.
Sector & Peer Comparison
Oilfield Services Peer Table
| Company | Ticker | Market Cap | EV/EBITDA | YTD Perf. | Vs HAL |
|---|
| SLB (Schlumberger) |
SLB |
~$68B |
~11.2x |
+38% |
Sector leader — more diversified |
| Halliburton |
HAL |
$32.68B |
9.38x |
+92% from 52W low |
— |
| Baker Hughes |
BKR |
~$38B |
~10.5x |
+29% |
HAL cheaper on EV/EBITDA |
| TechnipFMC |
FTI |
~$11B |
~8.9x |
+44% |
Smaller, more subsea focus |
| Weatherford Intl. |
WFRD |
~$5B |
~7.2x |
+31% |
Post-restructuring, higher risk |
HAL's position in the sector: Halliburton trades at a discount to SLB (9.38x vs 11.2x EV/EBITDA) despite similar revenue scale. This discount is partly justified by HAL's higher North America exposure (more cyclical) vs SLB's more international mix. However, with WTI above $90 and North America rig counts rising, this discount could compress — representing upside. HAL is the "higher beta, higher upside" play within oilfield services.
Macro Context
$91.60
WTI Crude
+1.42% — strong tailwind
$98.45
Brent Crude
Near $100 — capex green light
99.60
DXY (Dollar)
Weak USD = oil commodity tailwind
Elevated
VIX
Early Risk-Off (score 0.408)
$4,513
Gold
Risk-off safe haven bid
0.753
HAL Beta
Lower beta than typical energy
| Asset | Level | Change | Impact on HAL |
|---|
| WTI Crude |
$91.60 |
+1.42% |
Direct positive — E&P companies increase capex above $80 |
| DXY (Dollar Index) |
99.60 |
Weak |
Weak USD = higher oil prices in USD terms + international revenue boost |
| VIX |
Elevated |
Risk-Off |
Energy sector often resilient in early risk-off (inflation hedge) |
| XLE (Energy ETF) |
Outperforming |
Sector leader |
Sector rotation into energy — HAL is core holding |
| 10Y Treasury |
~4.3% |
Stable |
Moderate — HAL debt refinancing cost manageable |
Why the macro setup is compelling for HAL right now: The combination of WTI above $90 and a weak dollar (DXY below 100) creates an almost ideal environment for oilfield services. E&P companies — Halliburton's customers — have a simple rule: when oil is above ~$60-70, they maintain production. Above $80, they grow. Above $90, they drill aggressively. With Brent near $100, international customers are greenlit for multi-year capital programs. The Early Risk-Off macro regime is a minor headwind for the broader market, but energy stocks historically outperform during inflationary risk-off periods.
Social Radar & Sentiment
StockTwits
Low Activity
Neutral
Large-cap = low retail noise. Mostly macro/energy discussions.
Reddit / WSB
Occasional
Neutral
Mentioned in r/investing and r/stocks energy threads. Not WSB focus.
X / Twitter
$HAL active
Bullish
FinTwit energy traders posting 52W high breakout setups. Positive sentiment.
Google Trends
Rising
Increasing
Search interest rising with oil price surge. "Halliburton stock" trending in Mar 2026.
YouTube
A few videos
Neutral
Energy sector breakout content. No pump-style thumbnails detected. Organic coverage.
Analysts
18+ cover HAL
Buy Consensus
Target: $37.06 mean. Range ~$32-46. Consensus Buy — targets lag the rally.
Pump & Dump Score: 0/6 Clean
No 5x mention spike without news
No new accounts spamming
No unrealistic price promises
Buzz driven by real oil price news
Float >800M — manipulation-proof
Covered by 18+ Wall Street analysts
Low retail attention is actually a feature, not a bug: For a $32B large-cap like Halliburton, low retail social activity is normal and healthy. The stock moves based on oil prices, earnings, and institutional flows — not Reddit hype. The analyst consensus "Buy" with a $37 target (below current price) actually reflects an opportunity: analysts tend to update price targets with a lag after a major rally. We expect upward target revisions as analysts catch up to the new oil price environment.
Trade Idea — 52W High Breakout
Entry Zone
$38.00–$38.80
Current breakout zone
Stop Loss
$36.50
-3.6% — below Mar 18 gap
TP1
$42.00
+8.3% from entry mid
TP2
$45.00
+16% from entry mid
R/R
1 : 1.6
Entry $38.40 mid, TP1
Timeline
10–15 days
Scanner: Mar 26 setup
Trade thesis: HAL is executing a textbook 52-week high breakout with three major tailwinds aligned simultaneously: (1) oil services capex cycle driven by WTI at $91.60, (2) consecutive earnings beats that show business acceleration, (3) technical structure in Wyckoff Markup phase with OBV at 568M confirming institutional buying. The stop at $36.50 is below the March 18 gap-fill zone — if price returns there, the breakout has failed. TP1 at $42 is the measured move from the base, TP2 at $45 is a stretch target if oil continues to $95+. The key risk to monitor: RSI at 68 approaching overbought — consider entering in tranches rather than all at once to manage short-term pullback risk.
Execution Plan
| Scenario | Action | Price Level | Notes |
|---|
| Entry confirmation |
Buy 50% position |
$38.00–$38.80 |
Current zone — breakout in progress |
| Pullback add |
Add remaining 50% |
$36.80–$37.50 |
If RSI cools to ~60 — better risk/reward entry |
| TP1 reached |
Sell 50%, trail stop |
$42.00 |
Lock half profit, trail stop to breakeven |
| TP2 target |
Sell remaining |
$45.00 |
Full exit — reassess thesis above $45 |
| Invalidation |
Stop out |
$36.50 |
Below Mar 18 gap — breakout failed |
Invalidation Conditions
- WTI below $75: E&P customers would begin cutting capex — reassess thesis
- Close below $36.50: Breakout failed — stop loss triggered
- Q1 2026 earnings miss: If EPS < $0.55, momentum narrative breaks
- DXY rally above 105: Strong dollar = lower oil in USD terms
MARKET WATCH
Social Radar & Sentiment
Pump & Dump Score: 0/6 Clean