HALNYSE·Oil & Gas Equipment & Services

Halliburton Company HAL

Market cap $27.4BP/E 17.1× trailingGross margin 15.1%Reports Tue 20 Oct, before the open

$32.74

−0.01 (−0.05%)live 11:25 ET

52-wk $21.46 – $43.59

Watch

Orin's take

0.58conviction · moderate

Refreshed 29 Aug · take v6. A new filing or a print queues the next refresh.

Get emailed if this changes

Halliburton remains a hold as the fundamental deterioration in FY2025 — EPS falling 47% to $1.50 and operating margin compressing from 16.66% to 10.19% — is only partially offset by improving technicals and a fresh pipeline of Brazil contract wins from BP and Petrobras. The stock has broken above both its 50-day ($33.85) and 200-day ($34.55) moving averages to $36.18 with a bullish MACD histogram of +0.26, and BNY Mellon's new ~$337M position signals institutional interest, but HAL still trades at a 69% P/E premium to the peer median of 11.19 despite sharply declining earnings.

Persistent insider net selling of $28.3M over 24 months and a near-zero smart money score of 0.0084 as of Q2 2026 provide no contrarian support, making it premature to turn constructive until earnings stabilization is confirmed.

What could go wrong

Margin compression persists. FY2025 gross margin fell to 15.71% from 18.75% and operating margin to 10.19% from 16.66%; if this trajectory continues into FY2026, the valuation premium becomes untenable.
Valuation premium on declining earnings. P/E of 18.93 sits 69% above the peer median of 11.19, and EV/EBITDA of 8.77 is 23% above the peer median of 7.11, despite EPS falling 47% in FY2025.
Insider selling acceleration. Net insider disposition of 670,224 shares worth $28.3M over 24 months, with CEO and COO selling in August 2026 at ~$35/share, signals limited management confidence in near-term upside.
Smart money indifference. Smart money score of 0.0084 as of 2026-06-30 is near zero and down from 0.0298 in Q1 2026, indicating institutional positioning is flat to slightly positive but not building conviction.

What would change my mind

Margin recovery confirmed. FY2026 quarterly operating margin reverts toward the mid-teens range seen in FY2023–FY2024, indicating FY2025 was the troughbullish

Insider buying emerges. Cluster of insider open-market acquisitions appears after 24 months of net sellingbullish

Revenue continues declining. FY2026 revenue growth remains negative following the -3.3% decline in FY2025, confirming structural demand weaknessbearish

Stock loses technical support. Price breaks back below the 200-day moving average of $34.55 on rising volumebearish

Where this comes from: FMP annual fundamentals FY2025 vs FY2024 · derived_metrics FY2024 vs FY2025 · technicals as of 2026-08-28 · peer_relative composite. Orin's read on HAL; not advice.

Twelve months actual closes to 2026-09-24 · actual filings

Sept 25Nov 25Jan 26Mar 26May 26Jul 26

50-day average 200-day average · volume below

On file

All HAL filings

Form	Filed	What it says	Read
8-K	16 Sep	—	on file
10-Q	24 Jul	Halliburton Company reported total revenue of $5.714 billion for the three months ended June 30, 2026, a 3.7% increase from $5.510 billion in the prior year period.	read
8-K	21 Jul	Halliburton Company furnished results for the quarter ended June 30, 2026, via press release on July 21, 2026.	read
13G/A	6 Jul	—	on file
8-K	29 Jun	Halliburton Company announced the death of Board member Abdulaziz F.	read
8-K	20 May	Halliburton Company held its Annual Meeting of Shareholders on May 20, 2026, where all director nominees were elected.	read
13G	30 Apr	—	on file
10-Q	24 Apr	Halliburton’s first-quarter 2026 net income attributable to the company jumped to $461 million from $204 million a year earlier, lifting diluted EPS to $0.55 from $0.24; the 129%…	read

Largest holders · 13F Q2 2026

Money flow

Filer	Position	Of fund
State Street	$1.9B	0.1% of fund
Vanguard Capital Management	$1.8B	0.0% of fund
Vanguard Portfolio Management	$1.4B	0.1% of fund
Geode Capital Management	$760.4M	0.0% of fund
Morgan Stanley	$565.5M	0.0% of fund
Aqr Capital Management	$403.0M	0.1% of fund

114 filers · quarter ended Q2 2026 · positions, not flows

Insiders, last 24 months: 98 Form 4 filings, net −$29.2M. Of the 50 on hand, 0 were open-market purchases and 20 sales— the rest are grants, option exercises and tax withholding.

Ask Orin about HAL

its filings · its transcripts · its numbers

Orin answers questions about HAL from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.

Start 3 free days →

Where it trades

vs its own 5y · Energy

Metric	Now	Own median	Sector
P/E	17.1×	14.0×	51.1×
EV/EBITDA	8.1×	7.7×	—
P/S	1.22×	1.33×	—
P/B	2.5×	3.0×	—

Its P/E sits 60th percentile of its own last 5 years (+0.38σ from its own mean).

What the price assumes

5.0%

free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $1.7B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.

What Wall Street published

64 firms · 2026-09-24

Consensus target

$43

$37 – $53 · +32% against today's price

How they rate it

47 buy or overweight
15 hold
2 underweight or sell

The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.

Against the companies it is compared to

median P/E 11.6× of 3 peers

Company	Market cap	P/E	EV/EBITDA	Gross	Net	ROE
HALHalliburton Company	$27B	17.1×	8.1×	15.1%	7.2%	15%
DVNDevon Energy Corporation	$54B	11.6×	7.3×	34.0%	16.7%	15%
EXEExpand Energy Corporation	$21B	7.6×	3.5×	63.1%	20.8%	15%
TPLTexas Pacific Land Corporation	$23B	43.1×	31.0×	100.3%	60.3%	36%

The median is of the 3 peers listed above and nothing else — check it against the column. This company trades 48.3% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.

What it has traded at

P/E by fiscal year

FY14 9.5×FY25 18.7×

What its sector has traded at

Energy

FY14 27.3×FY26 19.8×

Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.

Discounted cash flow

not recomputed since

Model	Fair value	Against	Computed
Standard DCF	$70	$40.25 · +74%	2026-06-10
Levered DCF	$60	$40.25 · +48%	2026-06-10

The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.

Every estimate on one scale

price $32.74

52-week range$21 – $44

Analyst targets$37 – $53

Standard DCF$70 as of 2026-06-10, when it was $40.25

Levered DCF$60 as of 2026-06-10, when it was $40.25

At own 5y-median P/E (14×)$27

At 5y P/E range (10–23×)$18 – $43

At sector P/E (51×)$98

The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.