Halliburton (HAL)
Market Price (3/14/2026): $33.73 | Market Cap: $28.4 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Halliburton (HAL)
Market Price (3/14/2026): $33.73Market Cap: $28.4 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 2.0%, FCF Yield is 5.9% | Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -73% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 2.9 Bil | ||
| Low stock price volatilityVol 12M is 44% | ||
| Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Carbon Capture & Storage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 2.0%, FCF Yield is 5.9% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 2.9 Bil |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Carbon Capture & Storage, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -73% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3% |
Qualitative Assessment
AI Analysis | Feedback
1. Halliburton significantly surpassed analyst expectations in its Fourth Quarter 2025 earnings report. The company announced adjusted earnings per share (EPS) of $0.69, notably exceeding the consensus analyst estimate of $0.55. Furthermore, Halliburton reported revenues of $5.7 billion, surpassing analyst forecasts of $5.39 billion. This strong performance marked a significant improvement over the third quarter of 2025, which saw a net income of $18 million, or $0.02 per diluted share.
2. A substantial increase in crude oil prices served as a key macroeconomic catalyst. Brent crude oil spot prices surged to $94 per barrel by March 9, 2026, representing an approximate 50% increase from the beginning of the year. This sharp rise was primarily attributed to military actions in the Middle East and disruptions caused by a blockade of the Strait of Hormuz, which affected global oil supplies.
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Stock Movement Drivers
Fundamental Drivers
The 29.9% change in HAL stock from 11/30/2025 to 3/13/2026 was primarily driven by a 31.3% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.93 | 33.69 | 29.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,137 | 22,184 | 0.2% |
| Net Income Margin (%) | 5.9% | 5.8% | -2.2% |
| P/E Multiple | 16.8 | 22.1 | 31.3% |
| Shares Outstanding (Mil) | 849 | 841 | 1.0% |
| Cumulative Contribution | 29.9% |
Market Drivers
11/30/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| HAL | 29.9% | |
| Market (SPY) | -3.1% | 32.1% |
| Sector (XLE) | 27.6% | 71.8% |
Fundamental Drivers
The 51.0% change in HAL stock from 8/31/2025 to 3/13/2026 was primarily driven by a 115.1% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.31 | 33.69 | 51.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,234 | 22,184 | -0.2% |
| Net Income Margin (%) | 8.4% | 5.8% | -30.9% |
| P/E Multiple | 10.3 | 22.1 | 115.1% |
| Shares Outstanding (Mil) | 857 | 841 | 1.9% |
| Cumulative Contribution | 51.0% |
Market Drivers
8/31/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| HAL | 51.0% | |
| Market (SPY) | 3.0% | 26.5% |
| Sector (XLE) | 28.8% | 67.7% |
Fundamental Drivers
The 32.2% change in HAL stock from 2/28/2025 to 3/13/2026 was primarily driven by a 148.2% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.49 | 33.69 | 32.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,944 | 22,184 | -3.3% |
| Net Income Margin (%) | 10.9% | 5.8% | -46.9% |
| P/E Multiple | 8.9 | 22.1 | 148.2% |
| Shares Outstanding (Mil) | 873 | 841 | 3.8% |
| Cumulative Contribution | 32.2% |
Market Drivers
2/28/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| HAL | 32.2% | |
| Market (SPY) | 12.4% | 54.2% |
| Sector (XLE) | 29.9% | 80.1% |
Fundamental Drivers
The -0.4% change in HAL stock from 2/28/2023 to 3/13/2026 was primarily driven by a -25.3% change in the company's Net Income Margin (%).| (LTM values as of) | 2282023 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.83 | 33.69 | -0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,297 | 22,184 | 9.3% |
| Net Income Margin (%) | 7.7% | 5.8% | -25.3% |
| P/E Multiple | 19.5 | 22.1 | 13.5% |
| Shares Outstanding (Mil) | 904 | 841 | 7.5% |
| Cumulative Contribution | -0.4% |
Market Drivers
2/28/2023 to 3/13/2026| Return | Correlation | |
|---|---|---|
| HAL | -0.4% | |
| Market (SPY) | 73.4% | 44.6% |
| Sector (XLE) | 51.3% | 82.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HAL Return | 22% | 74% | -6% | -23% | 7% | 28% | 109% |
| Peers Return | 1521% | 70% | 15% | -15% | 3% | 32% | 3556% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| HAL Win Rate | 50% | 67% | 42% | 25% | 58% | 100% | |
| Peers Win Rate | 45% | 65% | 47% | 48% | 62% | 73% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| HAL Max Drawdown | -9% | 0% | -29% | -27% | -29% | 0% | |
| Peers Max Drawdown | -4% | -10% | -22% | -27% | -27% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SLB, BKR, NOV, WFRD, PTEN. See HAL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
| Event | HAL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.8% | -25.4% |
| % Gain to Breakeven | 84.3% | 34.1% |
| Time to Breakeven | 386 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -81.8% | -33.9% |
| % Gain to Breakeven | 450.8% | 51.3% |
| Time to Breakeven | 576 days | 148 days |
| 2018 Correction | ||
| % Loss | -70.3% | -19.8% |
| % Gain to Breakeven | 236.3% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -75.0% | -56.8% |
| % Gain to Breakeven | 300.5% | 131.3% |
| Time to Breakeven | 959 days | 1,480 days |
Compare to SLB, BKR, NOV, WFRD, PTEN
In The Past
Halliburton's stock fell -45.8% during the 2022 Inflation Shock from a high on 6/8/2022. A -45.8% loss requires a 84.3% gain to breakeven.
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About Halliburton (HAL)
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Halliburton:
Caterpillar for the oil and gas industry.
Honeywell for the oilfield.
AI Analysis | Feedback
Completion and Production Segment Services:
- Production Enhancement Services: Includes stimulation and sand control services to improve well output.
- Cementing Services: Provides well bonding and casing services for well integrity.
- Completion Tools: Offers downhole solutions, intelligent well completions, and various service tools for well functionality.
- Production Solutions: Delivers services such as coiled tubing, hydraulic workover units, and pumping to maintain production.
- Pipeline and Process Services: Manages pre-commissioning, commissioning, maintenance, and decommissioning of pipelines and processes.
- Electrical Submersible Pumps: Provides pumps and artificial lift services to enhance fluid recovery from wells.
Drilling and Evaluation Segment Services:
- Drilling Fluid Systems: Offers comprehensive fluid solutions including drilling fluids, additives, and waste management for drilling operations.
- Oilfield Water and Process Treatment Chemicals: Supplies chemicals and services for water and process treatment in oilfield operations.
- Drilling Systems and Services: Provides advanced systems and services for efficient well drilling.
- Wireline and Perforating Services: Includes open-hole logging, cased-hole, and slickline services for subsurface evaluation.
- Drill Bits and Services: Offers a range of drill bits and related tools for wellbore creation and enlargement.
- Digital Services and AI Solutions: Provides cloud-based digital platforms and AI for subsurface insights, well construction, and reservoir management.
- Testing and Subsea Services: Focuses on acquiring and analyzing reservoir information and optimizing subsea operations.
- Project Management and Integrated Asset Management Services: Offers comprehensive management for drilling and production projects.
AI Analysis | Feedback
Halliburton Company (HAL) provides a wide range of products and services primarily to the upstream energy industry, which encompasses oil and gas exploration, drilling, completion, and production. Therefore, its major customers are other companies involved in these activities.
Halliburton sells primarily to other companies. Its customer base is diverse and global, including:
- Major Integrated Oil Companies: These are large, multinational companies involved in all aspects of the oil and gas industry, from exploration to refining and marketing.
- Independent Exploration and Production (E&P) Companies: These companies focus solely on finding and extracting oil and natural gas.
- National Oil Companies (NOCs): State-owned or state-controlled oil and gas companies that often manage their nation's hydrocarbon resources.
While Halliburton serves numerous companies worldwide and generally does not disclose specific customer names unless a single customer accounts for a significant portion of its revenue, prominent examples of public companies that would typically utilize Halliburton's services include:
- ExxonMobil (XOM)
- Chevron (CVX)
- Shell plc (SHEL)
- BP p.l.c. (BP)
- ConocoPhillips (COP)
- Occidental Petroleum (OXY)
These examples represent the types of major global players in the oil and gas industry that contract with oilfield service providers like Halliburton for critical services across their drilling and production operations.
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The accelerating global transition to renewable energy sources and decarbonization efforts, which is steadily diminishing the long-term demand for fossil fuel exploration, drilling, and production services. This fundamental shift in the global energy landscape directly threatens the core business model of Halliburton, which is predicated on supporting hydrocarbon extraction.
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Trade Ideas
Select ideas related to HAL.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 82.3% | 82.3% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 23.6% | 23.6% | -6.5% |
| 12122025 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 56.9% | 56.9% | -7.0% |
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 31.6% | 31.6% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 41.7% | 41.7% | 0.0% |
| 10102025 | HAL | Halliburton | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 64.9% | 64.9% | -0.7% |
| 12312024 | HAL | Halliburton | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -20.8% | 7.0% | -28.7% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.20 |
| Mkt Cap | 17.5 |
| Rev LTM | 15,464 |
| Op Inc LTM | 1,902 |
| FCF LTM | 1,274 |
| FCF 3Y Avg | 1,310 |
| CFO LTM | 2,088 |
| CFO 3Y Avg | 2,224 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.5% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | -0.3% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Mgn LTM | 13.4% |
| Op Mgn 3Y Avg | 14.0% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 14.9% |
| FCF/Rev LTM | 9.1% |
| FCF/Rev 3Y Avg | 8.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 17.5 |
| P/S | 1.3 |
| P/EBIT | 13.6 |
| P/E | 20.3 |
| P/CFO | 9.4 |
| Total Yield | 6.5% |
| Dividend Yield | 1.9% |
| FCF Yield 3Y Avg | 8.3% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.2% |
| 3M Rtn | 15.1% |
| 6M Rtn | 41.7% |
| 12M Rtn | 39.6% |
| 3Y Rtn | 5.2% |
| 1M Excs Rtn | -5.8% |
| 3M Excs Rtn | 14.6% |
| 6M Excs Rtn | 36.5% |
| 12M Excs Rtn | 16.2% |
| 3Y Excs Rtn | -76.1% |
Comparison Analyses
Price Behavior
| Market Price | $33.69 | |
| Market Cap ($ Bil) | 28.3 | |
| First Trading Date | 06/01/1972 | |
| Distance from 52W High | -6.2% | |
| 50 Days | 200 Days | |
| DMA Price | $33.62 | $25.98 |
| DMA Trend | up | up |
| Distance from DMA | 0.2% | 29.7% |
| 3M | 1YR | |
| Volatility | 36.1% | 44.0% |
| Downside Capture | -2.94 | 60.06 |
| Upside Capture | 105.21 | 84.16 |
| Correlation (SPY) | 28.9% | 54.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.53 | 0.92 | 0.86 | 0.80 | 1.24 | 1.07 |
| Up Beta | 2.11 | 2.10 | 1.53 | 0.98 | 1.23 | 1.08 |
| Down Beta | 1.64 | 1.45 | 1.00 | 1.91 | 1.92 | 1.62 |
| Up Capture | 29% | 143% | 174% | 93% | 81% | 38% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 12 | 24 | 36 | 69 | 135 | 390 |
| Down Capture | -86% | -90% | -50% | -49% | 72% | 95% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 17 | 25 | 55 | 113 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HAL | |
|---|---|---|---|---|
| HAL | 40.3% | 44.0% | 0.89 | - |
| Sector ETF (XLE) | 34.9% | 24.9% | 1.15 | 80.1% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 54.2% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 3.9% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | 56.0% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 41.6% |
| Bitcoin (BTCUSD) | -15.0% | 44.2% | -0.24 | 19.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HAL | |
|---|---|---|---|---|
| HAL | 8.7% | 40.4% | 0.32 | - |
| Sector ETF (XLE) | 21.1% | 26.2% | 0.73 | 86.1% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 40.9% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 11.9% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 60.7% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 29.1% |
| Bitcoin (BTCUSD) | 6.4% | 56.7% | 0.33 | 14.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HAL | |
|---|---|---|---|---|
| HAL | 1.6% | 45.9% | 0.21 | - |
| Sector ETF (XLE) | 10.9% | 29.5% | 0.41 | 87.1% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 52.8% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 6.9% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 58.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 40.9% |
| Bitcoin (BTCUSD) | 67.5% | 66.8% | 1.07 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/21/2026 | 4.1% | 6.9% | 10.3% |
| 10/21/2025 | 11.6% | 18.5% | 18.4% |
| 7/22/2025 | 1.0% | 7.8% | -0.3% |
| 4/22/2025 | -5.6% | -5.8% | -6.6% |
| 1/22/2025 | -3.6% | -9.8% | -8.6% |
| 11/7/2024 | -3.1% | -1.0% | -5.1% |
| 7/19/2024 | -5.6% | -6.3% | -13.9% |
| 4/23/2024 | -0.3% | 0.4% | -2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 6 | 4 |
| # Negative | 8 | 6 | 8 |
| Median Positive | 3.3% | 7.3% | 6.7% |
| Median Negative | -3.5% | -5.7% | -7.4% |
| Max Positive | 11.6% | 18.5% | 18.4% |
| Max Negative | -5.6% | -9.8% | -13.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/06/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/22/2022 | 10-Q |
| 03/31/2022 | 04/22/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pope, Lawrence J | EVP and Chief Admin Officer | Direct | Sell | 1062026 | 32.25 | 100,000 | 3,225,000 | 13,538,540 | Form |
| 2 | Beckwith, Van H | EVP, Secretary and CLO | Direct | Sell | 12082025 | 27.89 | 8,854 | 246,938 | 9,302,110 | Form |
| 3 | Richard, Mark | President - Western Hemisphere | Direct | Sell | 11132025 | 27.77 | 160,000 | 4,443,200 | 12,562,415 | Form |
| 4 | Weiss, Janet L | Direct | Buy | 5302025 | 19.79 | 8,550 | 169,162 | 371,342 | Form | |
| 5 | Carre, Eric | EVP & Chief Financial Officer | Direct | Sell | 3172025 | 25.00 | 51,179 | 1,279,475 | 3,177,534 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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