By Kevin Amado
Updated
- Price
- $32.93
- Analysts view
- Bullish
- Discount category
- Close to intrinsic value
- Pick status
- Research only
- Next earnings
- Earnings Jan 20 · · estimated
- Market cap
- $27B
- Shares of Oct 16, 2026
- Yield at current rate
- 2.1%
- Current annual rate, at the price of Nov 12, 2026
- Dividend yield
- 2.1%
- Last 12 months, at the price of Nov 12, 2026
- 52-week range
- $24.92 – $43.59
- To Nov 12, 2026
- Beta
- 0.77
- Vs S&P 500, 5 years monthly, to Oct 30, 2026
- Average volume
- 10M
- 3 months, to Nov 12, 2026
Check the numbers:ExchangeGoogle FinanceYahoo FinanceSEC filings
In short
- Thesis
- The market doubts that international growth and cost savings can lift margin while North America stays weak, and steady growth in the Middle East and offshore through 2027 can lift its value.
- Gap
- Can close. The Q4 2026 report in January 2027 and the first 2027 quarters show whether international growth lifts margin toward the level that management expects.
Company guidance: Early 2027 outlook: mid-single digit revenue growth; operating margin of about 15% (, Q3 2026 results release (8-K))
Price history
About
Halliburton Company (Halliburton) is an oilfield services company based in Houston, Texas. It has two segments. Completion and Production, with revenue of $3,089 million in Q3 2026, includes stimulation services.
Drilling and Evaluation, with revenue of $2,614 million, includes drilling related services and testing services. North America was $2.2 billion of revenue in Q3 2026 and international markets were $3.5 billion. Total revenue was $5,703 million in Q3 2026 and $16,819 million for nine months.
Jeff Miller is Chairman, President and Chief Executive Officer. The common stock trades on the NYSE in US dollars. Halliburton files 10-K and 10-Q reports.
Thesis
The price of Halliburton depends on whether international and offshore growth can lift its margin while North America stays weak. Revenue was flat at $5.7 billion in Q3 2026, but adjusted operating margin rose to 12.8% from 12.0% in Q2. The chief executive calls this period one of the largest energy disruptions in history and expects multi-year demand growth for oilfield services. His early outlook for 2027 is mid-single digit revenue growth and operating margins of about 15%, with a flat North America market.
For the price to hold or rise, four things must be true. International revenue must keep growing, as it did in the Middle East and Asia in Q3. Margin must rise toward 15% through pricing and cost savings. North America pressure pumping must not weaken more.
Halliburton must keep paying for share repurchases and dividends from free cash flow, which was $156 million in Q3. The Q4 2026 report in January 2027 and its 2027 outlook are the next tests. If activity in the Middle East falls, or if customers cut spending, the price can fall.
Checkpoints
- Jan 20, 2027 · est.PendingQ4 2026 results and 2027 outlookThe outlook for 2027 keeps mid-single digit revenue growth and an operating margin of about 15%, and this passes; a lower margin or flat revenue fails.
- Apr 2027 · est.PendingQ1 2027 resultsInternational revenue keeps growing and adjusted operating margin rises from the 12.8% of Q3 2026, and this passes; a lower margin fails.
Recent events
- October 23, 2026Halliburton filed its Form 10-Q for Q3 2026. It had 827,126,342 shares of common stock outstanding at October 16, 2026.
- October 20, 2026Halliburton reported Q3 2026 results. Revenue was $5.7 billion, adjusted operating income was $731 million and adjusted net income was $0.60 per diluted share. Cash flow from operations was $368 million and free cash flow was $156 million. It repurchased about $250 million of its stock and booked a pre-tax charge of $107 million for impairments and other charges.
- October 20, 2026In its Q3 release, Halliburton listed new contracts. They are an integrated well construction and completions contract from Eni for the Cronos development offshore Cyprus, an appraisal contract from bp in the Bumerangue field offshore Brazil, a multiyear agreement with Kuwait Oil Company and a multiyear agreement with Pampa Energia in Vaca Muerta.
Show 2 older eventsHide older events
- October 15, 2026The board appointed David C. Hernandez, president of Hunt Consolidated, as a director. The board has 12 directors.
- September 15, 2026The independent directors elected Maurice S. Smith as Lead Independent Director. Robert A. Malone stays on the board.
Latest news and filings
- Last earnings
- October 20, 2026 (8-K on sec.gov)
- Next earnings
- Expected about January 20, 2027. The company has not confirmed the date.
- 10-QQuarterly report for the period ended Sep 30, 2026Filed · hal-20260930
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
- 8-KChange of directors or officers and Investor disclosureFiled · hal-20261015
- 8-KOther company newsFiled · hal-20260915
- 10-QQuarterly report for the period ended Jun 30, 2026Filed · hal-20260630
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
- 8-KOther company newsFiled · hal-20260624
- 8-KShareholder vote resultsFiled · hal-20260520
- 10-QQuarterly report for the period ended Mar 31, 2026Filed · hal-20260331
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
Risks
- Demand depends on oil and gas prices and customer spending. Halliburton lists changes in demand and in the capital spending of customers among its risks, and its release mentions the current conflict in Iran.
- North America is weak. North America revenue fell 5% from Q2 to $2.2 billion in Q3 2026, because of lower pressure pumping services in the US.
- Margin gains are not certain. The early outlook of about 15% for 2027 is above the 12.8% of Q3 2026 and needs both pricing and cost savings.
- International work has political and payment risks. Halliburton lists war, sanctions, tariffs, foreign exchange controls and work for national oil companies among its risks.
Balance sheet
- Cash
- $1.8B
- Debt
- $7.2B
- Net debt
- $5.3B
Cash against debt
debt covered by cashnet debt $5.3B
When the debt is due
At September 30, 2026, Halliburton had cash and equivalents of $1,843 million. Long-term debt was $7,072 million and current maturities of long-term debt were $90 million, which is $7,162 million. Net debt was $5,319 million. Cash flow from operations was $368 million and free cash flow was $156 million in Q3 2026. Halliburton repurchased about $250 million of its stock and paid dividends of $0.17 per share in the quarter. Equity of the company was $11,118 million.
Dividends
- Yield at the current rate
- 2.1% (current annual rate, at today’s price)
- Dividend yield
- 2.1% (last 12 months, at today’s price of $32.93)
- Paid per share
- $0.68 in the last 12 months (4 payments)
- Current annual rate
- $0.68 ($0.17 × 4 a year)
- Latest ex-dividend date
- September 2, 2026, $0.17 per share
Dividends per share by year
| 2016 | $0.72 | |
|---|---|---|
| 2017 | $0.72 | |
| 2018 | $0.72 | |
| 2019 | $0.72 | |
| 2020 | $0.315 | |
| 2021 | $0.18 | |
| 2022 | $0.48 | |
| 2023 | $0.64 | |
| 2024 | $0.68 | |
| 2025 | $0.68 |
From 2020 to 2025, the dividend grew by about 16.6% a year. From 2015 to 2025, the dividend fell by about 0.6% a year.
Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.
Questions about Halliburton
What does Halliburton do?
Halliburton Company (Halliburton) is an oilfield services company based in Houston, Texas. It has two segments. Its market cap is $27B at the current price of $32.93.
When does Halliburton report earnings next?
This is an estimate: Halliburton may report on January 20, 2027. It last reported results on October 20, 2026.
Is Halliburton stock below its intrinsic value?
Halliburton stock is close to intrinsic value. This is general information, not advice.
What changed recently at Halliburton?
The latest update is from October 23, 2026. Halliburton filed its Form 10-Q for Q3 2026.
What are the main risks for Halliburton?
Demand depends on oil and gas prices and customer spending. North America is weak. Margin gains are not certain.
How much debt and cash does Halliburton have?
At September 30, 2026, Halliburton had $7.2B of debt and $1.8B of cash.
Does Halliburton pay a dividend?
Yes. The current annual dividend of Halliburton is $0.68 per share. That is a dividend yield of 2.1% at the current price of $32.93. The latest ex-dividend date was September 2, 2026.
Similar companies
- WFRDWeatherfordShares: Power and energy
- Intrinsic value
- Close to intrinsic value
- Gap
- Can close
- ATRLAtkinsRéalisShares: Power and energy
- Intrinsic value
- Below intrinsic value
- Gap
- Can close
- BKRBaker HughesShares: Power and energy
- Intrinsic value
- Well below intrinsic value
- Gap
- Can close
- HTHIYHitachiShares: Power and energy
- Intrinsic value
- Close to intrinsic value (AI estimate)
- Gap
- Can close
- SLBSLBShares: Power and energy
- Intrinsic value
- Close to intrinsic value
- Gap
- Can close
Loading your notes…
Read it all? Star HAL or pass, then go on to the next one.