Evercore ISI Group analyst James West has maintained an Outperform rating on Halliburton while adjusting the stock's valuation outlook. The firm lowered the price target to $43 from the previous $46. The rating outlook remains positive despite the reduced target price.

Rating and Price Target Details

The following table outlines the revised analyst guidance for Halliburton:

Halliburton Company reported total revenue of $5.714 billion for the second quarter of 2026, an increase of 3.7% year over year, beating analyst estimates of $5.486 billion. Net income increased to $534 million, or $0.64 per diluted share, compared to $472 million, or $0.55 per diluted share, a year earlier. Adjusted earnings per share of $0.55 topped the $0.54 estimate. The company generated $824 million in cash flow from operations and $668 million in free cash flow.

Jeff Miller, Chairman, President and CEO, stated that the global outlook for Halliburton is strong, supported by differentiated technology and a focus on returns and capital discipline. Operating income rose to $778 million from $727 million, with an adjusted operating margin of 12%. Halliburton repurchased approximately $200 million of its common stock and paid a dividend of $0.17 per share during the quarter.

Operating Segments

Completion and Production revenue was $3.202 billion, an increase of 6% sequentially, with operating income of $474 million. Growth reflected stronger stimulation activity in the Western Hemisphere and improved well intervention services in Asia. Drilling and Evaluation revenue was $2.512 billion, an increase of 5% sequentially, with operating income of $338 million, a 4% decrease due to lower seasonal software sales.

Geographic Performance

North America revenue increased 7% sequentially to $2.276 billion. International revenue rose 5% sequentially to $3.438 billion, led by a 19% gain in Europe/Africa. However, Middle East/Asia revenue fell 10.7% year over year and 2% sequentially to $1.298 billion. Halliburton cited lower activity in Kuwait, Iraq, and Qatar due to the ongoing geopolitical conflict.

Strategic Highlights

Halliburton's international strategy focuses on technology and execution, with significant wins in offshore and unconventional markets. The company secured major contracts from Aramco, TotalEnergies, and Basra Oil Company. Results included a $95 million pretax credit, partly offset by a $17 million loss on the sale of part of its chemicals business. The company spent $46 million on its SAP S4 migration. Halliburton expects international business growth in the low double digits this year.