Halliburton (HAL) Stock Forecast & Price Target

Halliburton, as the largest oilfield-services company in North America, maintains a significant advantage in the hydraulic fracturing and completions market, which constitutes nearly half of its revenue, alongside strong positions in drilling and completions fluids. Positive financial indicators include a projected free cash flow of $1.8 billion by 2026, an increase of 4% year-over-year, as well as revenue estimates for 2025 through 2027 that show growth of 2% to 6%. Furthermore, potential catalysts such as rising commodity prices, stronger service pricing, consolidation within the industry, and improved operational utilization are expected to enhance margins and generate continued strong free cash flow, supporting a favorable financial outlook for Halliburton.

Halliburton's revenue guidance for 4Q25 indicates a potential decline of 2% on a quarterly basis, with adjusted EBITDA estimated to drop between 5% and 11% compared to previous expectations. Additionally, the company anticipates low-double-digit revenue decreases in North America and mid-single-digit declines internationally in FY25, reflecting ongoing pricing softness and strategic schedule gaps among operators. Furthermore, rising corporate expenses and negative impacts from tariffs may further exacerbate financial challenges, affecting overall profitability and operational margins.