Halliburton (HAL) price target - JULY 20

[dan_s]

Note from RBC Capital

Rating: Outperform
Price Target: 49.00 < HAL trading at $29.08 at the time of this post.

2Q22 – Soldout fleet keeps pricing cycle open

Our view: Halliburton’s 2Q22 results exceeded expectations on several key financial
factors. We remain encouraged by the capital discipline the company has exhibited
in the North American market, which has undoubtedly been a factor in returning its
margins toward prior cycle peak levels. We raise our 2022/23 adj. EBITDA estimates
by 7/8%. Maintain Outperform rating and $49 price target.