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    Halliburton (HAL) Earnings And Margin Outlook Keep Undervalued Narrative Alive

    Simply Wall St·10/31/2026 14:36:30
    語音播報

    Halliburton (HAL) just put some numbers on the board for the third quarter of 2026, then backed that up with fresh guidance that leans on margin improvement rather than big revenue shifts.

    The share price has picked up speed in recent months, with a 30 day share price return of 13.74% and a year to date move of 22.20% that lines up with Halliburton’s stronger earnings and margin focused guidance. Over the past year, total shareholder return of 37.49% eclipses the longer three year total shareholder return, which is slightly negative. This suggests momentum has only really gathered pace more recently as investors reassess both earnings power and risk around the stock following the Petrobras remote operated completion project in Brazil and the latest outlook for 2027.

    Scan beyond Halliburton and size up other margin focused energy plays with the 29 high quality undervalued stocks that could be setting up for their next leg higher.

    Halliburton’s recent sprint has been sharp, not long. The valuation question now is whether that move already reflects the margin story, or if flat revenue and higher profitability still leave meaningful upside on the table.

    Most Popular Narrative: 17% Undervalued

    Halliburton's most followed narrative pegs fair value at $43.44, above the last close at $36.17. This frames the recent margin led rally as only a partial catch up trade.

    International growth engines in offshore projects, unconventionals, production services and lift are progressing ahead of management’s earlier revenue ambitions for 2028. Recent awards in regions such as Latin America, the Middle East and Iraq give Halliburton more long term contracted work that can support higher international revenue and more stable margins.

    See why 108 investors see Halliburton as 17% undervalued.

    Result: Fair Value of $43.44 (UNDERVALUED)

    Still, the Halliburton narrative leans heavily on sustained upstream spending and stable access to key regions. Faster decarbonization policies or prolonged Middle East disruptions could quickly challenge that setup.

    Find out about the key risks to this Halliburton narrative.

    Next Steps

    If this mix of optimism and concern around Halliburton feels familiar, treat it as your cue to act quickly: review the data and decide where you stand using 5 key rewards and 2 important warning signs.

    Looking for more investment ideas beyond Halliburton?

    Do not stop your work with Halliburton. Broaden your watchlist now, or you risk missing strong setups that fit your return and risk preferences.