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Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Halliburton Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of $42, raised $4, reflects a combination of relative valuation and DCF models. On a relative basis, we apply a 9.1x multiple of enterprise value to projected '27 EBITDA, above HAL's historical forward average. We think a premium multiple is reasonable in light of the war in the Middle East, given HAL's cornerstone positioning in North America. This approach yields a value of $39 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 5% and terminal growth of 2%, discounted at a WACC of 7.1%, yields intrinsic value of $45 per share. We lift our '26 EPS estimate by $0.09 to $2.37, and '27's by $0.13 to $2.65. HAL guided to a $0.07-$0.09 EPS headwind in '26 due to the situation in the Middle East, but we think Latin America will be strong and serve as a partial offset. Management sees early signs of a recovery in North America, although we think it is debatable whether this will be a slow or fast ramp-up.

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Wire

Halliburton Q1 Beats Expectations on Strong International Growth, Morgan Stanley Says

Halliburton's (HAL) Q1 results slightly beat expectations, driven by international performance, especially in Latin America, while disruptions in the Middle East weighed on earnings, Morgan Stanley said in a note Wednesday.The firm said revenue and earnings before interest, taxes, depreciation, and amortization came in just above market projections. The beat was mainly driven by strong international results outside the Middle East, with Latin America revenues coming in 7% above consensus and 13% above Morgan Stanley's estimates, while North America revenues were slightly higher as well, beating consensus by 2% and the bank's estimates by 4%.Management said disruptions in the Middle East reduced earnings by about $0.02 to $0.03 per share in Q1 and expects a larger impact of $0.07 to $0.09 per share in Q2, while North America is showing "clear signs" of recovery, the firm added."The Middle East remains the key swing factor as near-term disruptions weigh on results, though this supports a more constructive multi-year service demand backdrop, with Venezuela another potential longer-term growth driver that Halliburton flagged," the bank said.Morgan Stanley raised Halliburton price target to $42 from $40 while keeping its overweight rating. Shares of the company rose past 3% in the session.Price: $39.25, Change: $+1.10, Percent Change: +2.87%

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Commodities

Halliburton Sees Early Signs of North America Shale Recovery, Says Fleet Capacity Tightening

Leading oilfield services company, Halliburton (HAL), said it was seeing "early signs" of a recovery in North American shale activity, with tightening capacity in the hydraulic fracturing market pointing to improving demand conditions.During the company's Q1 2026 earnings call on Tuesday, President and CEO Jeffrey Allen Miller noted that the frac calendar, which was filled with "white space" during the first few months of the year, was now filled, amid soaring industry-wide demand.Entering the year, Miller said that the company was worried about drops and delays in completion work, but that is "no longer a concern," he said.The company also flagged an uptick in inbound requests for spot work, particularly from smaller operators, as an early indicator of rising demand.Helliburton's COO, Shannon Slocum, said that while this might still be "early innings," in her view, "the setup for North America is constructive."The company also added that the premium equipment market was already tightening, with the industry just "a handful of fleets" away from being sold out entirely.Management, however, noted that it remains focused on maximizing returns, over gaining market share, prioritizing pricing and utilization of exiting fleets.

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Sectors

Sector Update: Energy Stocks Advance Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.The Philadelphia Oil Service Sector Index was climbing 1.6%, while the Dow Jones US Utilities Index fell 1.8%.Front-month West Texas Intermediate crude oil rose 2.8% to $92.13 a barrel, and the global benchmark Brent crude contract was advancing 1.8% to $97.23 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Vaalco Energy (EGY) shares jumped 10% after the company said its Etame 14H development well is in an attic position after the company drilled, completed and placed it on production in Gabon.Halliburton (HAL) shares gained 4.1% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.Spain's National Markets and Competition Commission, or CNMC, has shelved its investigation into BP (BP), Repsol, and Cepsa's alleged collusive practices and abuse of their dominant market position, according to a translation of a Tuesday statement from the regulator. BP shares added 1.9%.Shell (SHEL) faces a fresh lawsuit by a Dutch climate activist organization demanding it immediately end its investments in new oil and gas projects, Reuters reported, citing court documents. Shell shares were up 0.9%.

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Wire

Update: Halliburton Shares Rise After Q1 Beat

(Updates with the latest stock price movement in the headline and the first paragraph.)Halliburton (HAL) shares rose more than 4% on Tuesday after the company reported higher-than-expected Q1 adjusted earnings and revenue.The company reported Q1 adjusted net income Tuesday of $0.55 per diluted share, down from $0.60 a year earlier.Analysts polled by FactSet expected $0.50.Revenue for the quarter ended March 31 was $5.40 billion, down from $5.42 billion a year earlier.Analysts surveyed by FactSet expected $5.31 billion.Price: $38.19, Change: $+1.51, Percent Change: +4.12%

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Sectors

Sector Update: Energy Stocks Rise Tuesday Afternoon

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.The Philadelphia Oil Service Sector Index was climbing 1.4%, while the Dow Jones US Utilities Index fell 1.4%.Front-month West Texas Intermediate crude oil was rising 2.8% to $92.10 a barrel, and the global benchmark Brent crude contract was advancing 3% to $98.30 a barrel. Henry Hub natural gas futures slightly increased to $2.69 per 1 million BTU.In corporate news, Halliburton (HAL) shares gained 3.7% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.Spain's National Markets and Competition Commission, or CNMC, has shelved its investigation into BP (BP), Repsol, and Cepsa's alleged collusive practices and abuse of their dominant market position, according to a translation of a Tuesday statement from the regulator. BP shares gained 1.5%.Shell (SHEL) faces a fresh lawsuit by a Dutch climate activist organization demanding it immediately end its investments in new oil and gas projects, Reuters reported, citing court documents. Shell shares were up 0.4%.BHP (BHP) is looking to pursue large-scale copper exploration in Zambia, Reuters reported Tuesday, citing the country's mines ministry. The company is targeting major deposits that are harder to detect using traditional methods, focusing on deeply buried or geologically concealed resources, the mines ministry quoted Campbell McCuaig, BHP's head of global generative exploration, as saying, Reuters reported. BHP shares were down 1.9%.

$BHP$BP$HAL$SHEL
Sectors

Sector Update: Energy

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.The Philadelphia Oil Service Sector Index was climbing 1.8%, while the Dow Jones US Utilities Index fell 1.3%.Front-month West Texas Intermediate crude oil was rising 4.8% to $93.94 a barrel, and the global benchmark Brent crude contract was advancing 4.4% to $99.68 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Halliburton (HAL) shares gained 4.1% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.

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Oil & Energy

Halliburton Q1 Results Hit by Weaker North America Activity

Oil and gas engineering services provider Halliburton (HAL) said Tuesday that completion and production revenue in Q1 2026 fell 3% or $104 million to $3 billion over the year, while operating income dropped 17% to $439 million.The company said lower stimulation activity in North America, reduced completion tool sales and decreased pressure pumping services had a negative effect on Q1 revenues.Those influences were partly offset by higher completion tool sales in the Western Hemisphere and increased pressure pumping services in Africa.Drilling and evaluation revenue rose 4% or $89 million over the year to $2.4 billion, while operating income was flat at $351 million.Results were positively influenced by higher project management activity in Latin America and higher demand for drilling-related services in Europe and the Western Hemisphere.However, these gains were partially offset by lower activity in the Middle East, particularly in Saudi Arabia and Qatar, along with reduced wireline activity in the Eastern Hemisphere and a decline in fluid services in the Gulf of Mexico, the company said.Middle East/Asia revenue in Q1 2026 declined 13% to $1.3 billion over the year.The Iran conflict also impacted drilling and evaluation. "In the first quarter of 2026, the geopolitical conflict in the Middle East affected both divisions, with an impact of approximately 2 to 3 cents of net income per diluted share," according to the statement.Price: $38.22, Change: $+1.55, Percent Change: +4.23%

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Sectors

Sector Update: Energy Stocks Edge Higher Premarket Tuesday

Energy stocks were edging higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.2%.The United States Oil Fund (USO) was up 0.2% and the United States Natural Gas Fund (UNG) was 0.1% lower.Front-month US West Texas Intermediate crude oil was 0.1% lower at $89.51 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 0.4% to $95.07 per barrel, and natural gas futures were down 0.2% at $2.69 per 1 million British Thermal Units.Shell (SHEL) faces a fresh lawsuit by a Dutch climate activist organization demanding it immediately end its investments in new oil and gas projects, Reuters reported, citing court documents. Shares of Shell were 0.7% higher pre-bell.Spain's National Markets and Competition Commission, or CNMC, has shelved its investigation into BP (BP), Repsol, and Cepsa's alleged collusive practices and abuse of their dominant market position, according to a translation of a statement from the regulator. BP stock was up 0.6% premarket.Halliburton (HAL) stock was up more than 1% after the company reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.

$BP$HAL$SHEL$UNG$USO$XLE
Research

Research Alert: Hal: A Tough Margin Environment In Q1

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HAL reported Q1 2026 adjusted EPS of $0.55, beating consensus by $0.05, though adjusted operating income declined 14% Y/Y to $679M. Revenue was flat Y/Y as C&P segment weakness (down 3.3%) offset D&E growth (up 3.9%), while margin compression continued with C&P margins falling 240bps Y/Y to 14.6%. We do not share management's optimism on North America recovery timing, as we question how long early signs of recovery (per management might take to reach mid-cycle stage). Despite those signs, weak stimulation activity hurt performance in North America in Q1. The Middle East geopolitical situation impacted results by $0.02-$0.03 per share, while Latin America provided a bright spot with 22% revenue growth. We think operators will remain cautious in North America despite high crude prices, given potential reversion if geopolitical tensions ease. We note HAL's 36% Y/Y capex reduction in Q1, not suggestive of unbridled optimism, though we note HAL's Q2 outlook should emerge on today's 9 a.m. call.

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Oil & Energy

Middle East Rig Count Dropped in March, RBC Says

Middle East onshore rig counts fell by 43 rigs, or 5% over the month in March, while offshore counts declined by 10 rigs, or 4%, RBC Capital Markets strategists said in a Tuesday note.These disruptions, along with higher logistics and staffing costs, are expected to pressure first-half results for companies with regional exposure, RBC said.In the US, Q1 rig counts totaled 530, down 7% over the year but above RBC's estimate of 518, prompting an upward revision to its 2026 forecast to 544 from 526.RBC expects activity to remain supported by higher oil prices, easing concerns about a potential drop in West Texas Intermediate crude to $50 per barrel coming into 2026.In Canada, rig counts reached 216, down 4% over the year but slightly above RBC's estimate of 214, with spending expected to remain broadly flat, RBC said.Meanwhile, oilfield services stocks have surged about 36% in 2026, with valuations shifting higher as the sector heads into the Q1 earnings season, strategists said.RBC said Q1 reporting begins Apr. 21 with Halliburton (HAL), Saipem, and Weatherford (WFRD), as investors assess geopolitical risks and future production recovery trends, the report said.RBC said US-focused companies have outperformed peers with Middle East exposure this year, reflecting stronger domestic activity trends and fewer geopolitical disruptions.The firm's top picks include Schlumberger (SLB), Baker Hughes (BKR), TechnipFMC (FTI), Enerflex (EFXT), Patterson-UTI Energy (PTEN), Hunting and CES Energy Solutions, according to the note.Meanwhile, RBC lowered its Q1 EBITDA estimates by 2.4%, with the largest revisions for Schlumberger (SLB) and Trican Well Service (TCW), while raising forecasts for Saipem, TechnipFMC and Enerflex.The revised estimates generally fall below consensus, particularly for Trican Well Service, Atlas Energy Solutions (AESI) and Calfrac Well Services (CFW), while exceeding expectations for Halliburton, Enerflex and Ensign Energy Services, RBC said.RBC downgraded Trican Well Service to sector perform from outperform with a $7.50 price target and cut NOV (NOV) to sector perform from outperform with a $21 price target.

$AESI$BKR$EFXT$FTI$HAL$NOV$PTEN$SLB$WFRD
Commodities

Halliburton Secures Multibillion-Dollar Contract From Argentina's YPF

Halliburton (HAL), the Texas-based oilfield services company, on Monday said it has secured a multibillion-dollar contract from state-owned energy company YPF for the delivery of "bundled unconventional completions services" in the Vaca Muerta shale oil and gas formation in Argentina.The exclusive, multi-year contract was awarded after a competitive process, the company said in a statement.As per the agreement terms, Halliburton will deploy its Zeus electric fracturing services and the Octiv Auto Frac service for unconventional fracturing."It combines electrification, automation, and advanced digital workflows to improve efficiency, consistency, and emissions-intensity reduction efforts," the statement added. "A common digital platform supports collaborative, phased integration of next-generation intelligent fracturing and advanced subsurface monitoring."

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