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. (Note: At initial publication in March 2026, WTI was at $91.60. As of June 2026, WTI has fallen to ~$76 following the US-Iran preliminary agreement — weakening this tailwind significantly.) HAL is the direct beneficiary of E&P capex cycles, 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)
-0.3% YoY
$4.12B
EBITDA
Margin 18.6%
$2.42
EPS (Annual)
Beats 3 of last 4 Qs
8.56x
EV/EBITDA
Fair for energy
1.95%
Dividend Yield
$0.68/year
14.6%
ROE
Solid for sector
Key Financial Metrics
| Metric | Value | Interpretation |
|---|
| Revenue |
$22.18B |
Slight contraction (-0.3%) — flat top-line in a softening oil environment |
| Gross Margin |
15.3% |
Typical for services (asset-heavy labor model) |
| Operating Margin |
12.6% |
Moderate — under pressure from softer pricing |
| Net Margin |
6.9% |
Compressed by interest costs on $8.08B debt |
| ROA |
7.4% |
Above-average for capital-intensive energy sector |
| Cash |
$2.00B |
Adequate liquidity, supports dividend + buybacks |
| Total Debt |
$8.08B |
Net debt ~$6.1B — manageable at current EBITDA |
| P/B Ratio |
2.71x |
Book value $12.91/share — premium warranted by earnings power |
| EV/Revenue |
1.59x |
Reasonable for a business with improving margins |
| EV/EBITDA |
8.56x |
Below energy sector average (~11x) — undervalued vs peers |
| Analyst Consensus Target |
$44.24 (Buy) |
ABOVE current price ($34.93) — 27% upside to consensus |
Quarterly Earnings Track Record
| Quarter | EPS Actual | EPS Estimate | Surprise |
|---|
| Q1 2026 |
$0.55 |
$0.498 |
+10.4% Beat |
| Q4 2025 |
$0.69 |
$0.546 |
+26.4% Beat |
| Q3 2025 |
$0.58 |
$0.496 |
+16.9% Beat |
| Q2 2025 |
$0.55 |
$0.554 |
-0.7% Miss |
Reading the numbers: Three consecutive quarterly beats (Q3, Q4, Q1 2026) are a strong signal — it means Halliburton's business is executing faster than analysts can update their models. However, Q1 2026 guidance flagged a $0.07-$0.09/share headwind from Middle East conflict disruptions in Q2 2026, which may reverse the beat streak. The net debt of $6.1B is not alarming for a $29B company (Debt/EBITDA < 2x), and the 1.95% dividend yield provides a real cash return while waiting. The analyst consensus target at $44.24 implies 27% upside from the current $34.93 — a positive signal from Wall Street, though targets may compress if oil remains below $80.
Insiders & Institutional Ownership
89%
Institutional Ownership
Very high — large-cap anchor
0.5%
Insider Ownership
Typical for large-cap
835.4M
Shares Outstanding
Float: 830.6M
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
835.4M
Shares Outstanding
~50M shs
ESOP Shelf (May 2026)
Debt & Dilution Sources
| Instrument | Amount | Details | Dilution Risk | Status |
|---|
| Senior Notes (various) |
~$8.1B total |
Non-convertible, investment-grade; incl. 2.92% due 2030 |
None (debt only) |
Standard |
| S-3ASR Shelf (Feb 2026) |
Automatic |
Allows issuance of stock, debt, warrants at discretion |
Potential |
Filed |
| ESOP Shelf (May 2026) |
$2.14B |
~50M common shares for employee stock ownership plan |
~6% over time |
Filed |
| Warrants |
Minimal |
$32.00 strike; 4,422 recently exercised |
Negligible |
Minimal |
| Primary Dilution Source |
$2.14B |
ESOP shelf — ~50M shares |
~6% of outstanding |
Monitor issuance |
Dilution Risk: Moderate — Manageable for Investment-Grade
Halliburton's debt consists primarily of senior unsecured notes (investment-grade rated). Update (Jun 2026): In May 2026, Halliburton filed a US$2.14B ESOP shelf registration covering nearly 50 million common shares (~6% potential dilution over time). An S-3ASR automatic shelf registration was also filed on Feb 6, 2026, giving the company flexibility to issue various securities. These are standard capital-markets tools for a large-cap investment-grade company, not distressed financing, but investors should monitor actual issuance from these programs. 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
32.1M
Shares Short
Rising trend — concern
3.85%
Short Interest / Float
Moderate — not squeeze level
3.47 days
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 rose from ~20M shares in October 2025 to ~32M shares by mid-2026 — while the stock rallied significantly from its 52W low. This is a classic short buildup against a breakout: bears betting the rally is overdone. With Days-to-Cover at 3.47 and CTB at only 0.38%, there is no imminent short squeeze risk, but the growing short base could act as fuel if HAL recovers — shorts will eventually be forced to cover. This is a secondary factor, not the primary thesis.
Technical Analysis
Updated Jun 21, 2026: Metric cards below reflect current values via MCP DailyTickers Gateway. The technical structure is broken vs. the Mar 27 original analysis.
28.6
RSI (14)
Oversold — deeply below 30
-0.949
MACD
Bearish — below signal (-0.383)
$38.98
EMA 20
-10.4% below
$33.05
EMA 200
+5.7% above — approaching from above
$1.26
ATR (14)
~3.6%/day volatility
Distribution
Wyckoff Phase
Breakdown from markup
Support & Resistance Levels
| Type | Level | Strength | Notes |
|---|
| R3 |
$41.13 |
Resistance |
Extension target — measured move from Jan gap |
| R2 |
$39.81 |
Resistance |
Minor resistance level — post-breakout cluster |
| R1 |
$39.30 |
Strong (4 touches) |
Key resistance — breakout confirmation needed above here |
| PRICE |
$34.93 |
— |
Jun 20, 2026 (downgrade) |
| S1 |
$33.34 |
Strong (5 touches) |
Major support — multiple retests confirm this level |
| S2 |
$32.97 |
Moderate |
Jan 5 gap-up fill zone |
| S3 |
$32.61 |
Moderate |
Cluster support — consolidation base |
Unfilled Gap Analysis
| Date | Gap Range | Size | Status | Signal |
|---|
| Mar 26, 2026 |
$37.51 → $38.87 |
+2.19% |
Unfilled |
Recent momentum gap — act as support on pullbacks |
| Mar 18, 2026 |
$33.69 → $35.52 |
+1.60% |
Unfilled |
Post-buy-signal gap — now acts as support zone ~$34-35 |
| Jan 5, 2026 |
$29.60 → $32.00 |
+4.39% |
Unfilled |
Earnings gap — strong institutional support ~$30-32 |
Daily Performance Heatmap (Last 90 Days)
Technical structure — what you need to know (updated Jun 21):
- Wyckoff Distribution/Markdown: HAL has transitioned from the Markup phase (Oct 2025 – Mar 2026) into Distribution and early Markdown. The Mar 26 breakout above $38 failed, and price has fallen back through the entire breakout range to $34.93 — a textbook failed breakout reversal.
- RSI 28.6 — deeply oversold: RSI has collapsed from 68 at the Mar 27 publication to 28.6 today, well below the 30 oversold threshold. While this can signal a short-term bounce opportunity, it primarily confirms the severity of the selloff.
- MACD -0.95 — bearish: MACD is deeply negative and below the signal line (-0.383), confirming strong downside momentum. No bullish crossover is forming yet.
- Price 10.4% below EMA20 ($38.98): This extended deviation below the 20-day moving average indicates panic selling, not orderly price discovery. The EMA200 at $33.05 is the next major support if selling continues.
- Unfilled gaps now act as resistance: The Mar 26 gap ($37.51–$38.87) and Mar 18 gap ($33.69–$35.52) that previously acted as support now represent overhead resistance that bulls must reclaim.
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 |
$29.18B |
8.56x |
+74% 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 (8.56x 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. With WTI now at ~$76 (down from $91.60 at original publication, driven by the US-Iran preliminary agreement), this discount may widen further if oil remains below $80. HAL is the "higher beta, higher upside" play within oilfield services.
Macro Context (updated Jun 21, 2026)
Updated Jun 21, 2026: Metric cards and table below now show current data via MCP DailyTickers Gateway. WTI has fallen to $76.54 (from $91.60 at Mar 27 publication) following the US-Iran preliminary agreement (Jun 15). This oil price reversal is the primary driver of the thesis invalidation.
$76.54
WTI Crude
-16.4% from $91.60 at publication
$80.59
Brent Crude
-18.1% from $98.45 — capex at risk
100.95
DXY (Dollar)
Firmed from 99.60 — mild headwind
Elevated
VIX
Early Risk-Off regime
$4,173
Gold
Safe haven bid — easing from highs
0.704
HAL Beta
Lower beta than typical energy
| Asset | Level (Jun 21) | Vs. Mar 27 | Impact on HAL |
|---|
| WTI Crude |
$76.54 |
-16.4% (was $91.60) |
Weakened — near $75 E&P capex cut threshold |
| Brent Crude |
$80.59 |
-18.1% (was $98.45) |
International capex outlook deteriorating |
| DXY (Dollar Index) |
100.95 |
+1.4% (was 99.60) |
Slightly firmer USD — mild headwind for oil |
| VIX |
Elevated |
Similar |
Energy sector often resilient in early risk-off (inflation hedge) |
| Gold |
$4,173 |
-7.5% (was $4,513) |
Safe haven bid easing — risk appetite recovering slightly |
Macro shift since original analysis (Mar 27): At publication, the combination of WTI above $90 and a weak dollar (DXY below 100) created an almost ideal environment for oilfield services. E&P companies have a simple rule: above $80, they grow; above $90, they drill aggressively. That tailwind has now reversed. With WTI at $76.54 and Brent at $80.59, E&P capex is approaching the maintenance-only threshold (~$70-75). DXY has firmed to 100.95, removing the weak-dollar tailwind. The US-Iran preliminary agreement (Jun 15) eased Middle East supply fears, collapsing the geopolitical premium that had driven oil above $90. This macro reversal is the primary reason the original thesis failed.
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