# Halliburton Company (HAL)

> Source: Nexqual · https://nexqual.com/HAL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Halliburton Company (HAL), nexqual.com/HAL" · informational, not investment advice.

**Price:** USD 33.19 (-2.35% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 33.99 · day 32.35–34.41 · 52w 24.92–43.59 · market cap $27.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $22.4B, net income $1.60B (7.2% margin), free cash flow $1.73B (SEC filings).
- Valuation: P/E 17.3x (avg 13.6x at the last 3 fiscal year-ends), EV/EBITDA 8.8x, net debt $5.11B.
- 1 of 80 tracked superinvestors hold HAL (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $18.2M; 1 not under a Rule 10b5-1 plan ($256K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.07 on a 1–5 scale) (28 analysts), mean target USD 43.68 (range 29–51).
- Total return with dividends: 1Y +24.4% vs S&P 500 +14.9%; 5Y +41.3% vs S&P 500 +80.3%.
- Next earnings: 2027-01-20, EPS estimate USD 0.64, revenue estimate $5.72B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $15.3B | $20.3B | $23.0B | $22.9B | $22.2B | $22.4B |
| Operating income | $1.80B | $2.71B | $4.08B | $3.82B | $2.26B | $2.56B |
| Net income | $1.46B | $1.57B | $2.64B | $2.50B | $1.28B | $1.60B |
| EPS (diluted) | $1.63 | — | — | — | — | — |
| Free cash flow | $1.11B | $1.23B | $2.08B | $2.42B | $1.67B | $1.73B |
| Operating margin | 11.8% | 13.3% | 17.7% | 16.7% | 10.2% | 11.4% |
| Net margin | 9.5% | 7.7% | 11.5% | 10.9% | 5.8% | 7.2% |
| Revenue growth | +5.9% | +32.7% | +13.4% | -0.3% | -3.3% | — |
| Cash + short-term investments | $3.04B | $2.35B | $2.26B | $2.62B | $2.21B | — |
| Total debt | $9.14B | $7.93B | $7.64B | $7.54B | $7.16B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.3x · P/S 1.2x · EV/EBITDA 8.8x · EV/Sales 1.5x · P/FCF 16.0x · P/B 2.5x · FCF yield 6.24% · Earnings yield 5.79% · Dividend yield (paid, TTM) 2.07% · Buyback yield (TTM) 2.92% · Net debt $5.11B · EV $32.8B
P/E at fiscal year-ends: Dec 2025 18.8x, Dec 2024 9.6x, Dec 2023 12.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold HAL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.39% | $133M | Reduced -3.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-31 | Carre Eric | EVP & Chief Financial Officer | 24,777 | $929K | 16.6% | Yes (adopted May 19, 2026) | Too little history (no open-market trades in 2024) |
| 2026-08-19 | Slocum Jeffrey Shannon | Director, EVP and COO | 52,572 | $1.8M | 30.7% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-18 | Slocum Jeffrey Shannon | Director, EVP and COO | 16,121 | $566K | 8.6% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-18 | Miller Jeffrey Allen | Director, President & CEO | 124,483 | $4.4M | 12.3% | Yes (adopted May 13, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-18 | Carre Eric | EVP & Chief Financial Officer | 24,778 | $889K | 14.3% | Yes (adopted March 18, 2026) | Too little history (no open-market trades in 2024) |
| 2026-05-15 | Beckwith Van H. | EVP, Secretary and CLO | 198,349 | $8.2M | 57.6% | Yes (adopted August 13, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Maxwell Michael Casey | President - Western Hemisphere | 20,348 | $852K | 17.8% | Yes (adopted February 3, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-30 | Young Tobi M. | Director | 6,125 | $256K | 28.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-30 | McKeon Timothy | Senior VP and Treasurer | 8,655 | $364K | 10.6% | Yes (adopted August 12, 2025) | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.07 on a 1–5 scale), 28 analysts; mean target USD 43.68 (low 29, high 51).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Freedom Broker | Upgrade | Hold → Buy | $37 → $40 |
| 2026-10-22 | UBS | Target lowered | Neutral | $42 → $41 |
| 2026-10-21 | Jefferies | Target raised | Buy | $47 → $48 |
| 2026-10-21 | Barclays | Target lowered | Overweight | $53 → $51 |
| 2026-10-21 | RBC Capital | Target raised | Outperform | $45 → $46 |
| 2026-10-19 | Piper Sandler | Target lowered | Overweight | $43 → $42 |
| 2026-09-14 | UBS | Target raised | Neutral | $39 → $42 |
| 2026-07-27 | UBS | Target lowered | Neutral | $40 → $39 |
| 2026-07-23 | Argus Research | Target lowered | Buy | $45 → $40 |
| 2026-07-22 | Morgan Stanley | Target lowered | Overweight | $41 → $40 |
| 2026-07-22 | TD Cowen | Target lowered | Buy | $48 → $47 |
| 2026-07-22 | Freedom Broker | Upgrade | Sell → Hold | $32 → $37 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +24.4% | +41.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +24.5% | +7.2% |
| Volatility (annualized) | 32.5% | 42.0% |
| Max drawdown | -27.1% (May 2026→Jul 2026) | -52.3% (Oct 2023→May 2025) |

## Peers (Oil & Gas Equipment & Services)
FTI (TechnipFMC plc) USD 66.82 -4.54% · TS (Tenaris S.A.) USD 56.37 -3.92% · BKR (Baker Hughes Company) USD 53.62 -4.25% · SLB (SLB Limited) USD 49.55 -3.03% · SEI (Solaris Energy Infrastructure, ) USD 58.61 -15.51% · NOV (NOV Inc.) USD 18.76 -2.65%

## More
Full page: https://nexqual.com/HAL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Completion And Production | $3.20B | 56.0% | +1.0% | $474.0M | 14.8% |
| Drilling And Evaluation | $2.51B | 44.0% | +7.4% | $338.0M | 13.5% |
| Total revenue | $5.71B | 100% | — | $778.0M | 13.6% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Services | $4.11B | 71.9% | +4.3% |
| Product sales | $1.60B | 28.1% | +2.1% |
| Total revenue | $5.71B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $2.28B | 39.8% | +0.8% |
| Middle East/Asia | $1.30B | 22.7% | -10.7% |
| Latin America | $1.12B | 19.7% | +14.9% |
| Europe/Africa/CIS | $1.02B | 17.8% | +24.0% |
| Total revenue | $5.71B | 100% | — |

## Company outlook (8-K filed 2026-10-20)

- "I expect the work to restore production, rebuild inventories and strengthen energy security will drive multi-year demand growth for oilfield services, "Based on our early outlook for 2027, I expect mid-single digit revenue growth and operating margins of about 15%, an approximately 200 basis point improvement."
- "This outlook assumes a flat North America market and does not require any recovery in North America hydraulic fracturing."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.64 | $0.64 | -1.2% | $5.72B | 20 |
| Next quarter (ends 2027-03-31) | $0.62 | $0.63 | -1.4% | $5.64B | 16 |
| Current fiscal year (ends 2026-12-31) | $2.33 | $2.36 | -1.0% | $22.53B | 23 |
| Next fiscal year (ends 2027-12-31) | $2.95 | $2.93 | +0.6% | $23.72B | 25 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-03-19 (includes earnings 2027-01-20): ±18.7%; earnings reaction alone ±8.6%; last 8 reports averaged ±6.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 44.0% | ±5.2% |
| 2026-11-06 | 14 | 38.1% | ±6.2% |
| 2026-11-13 | 21 | 36.1% | ±7.1% |
| 2026-11-20 | 28 | 36.1% | ±8.1% |
| 2026-11-27 | 35 | 34.1% | ±8.6% |
| 2026-12-04 | 42 | 26.4% | ±7.4% |
| 2026-12-18 | 56 | 33.9% | ±10.7% |
| 2027-01-15 | 84 | 33.1% | ±12.7% |