Halliburton (HAL) Price Forecast: Beats Q2 2026 — Iraq Win and $36 Rally

TradingKey - Halliburton (NYSE: HAL) is up some 2.5%, or about $36 Tuesday, July 21, after the company reported second quarter results that beat Wall Street projections on earnings per share and top line revenues, providing a strong opening to the energy sector’s reporting season. The company bested a $0.54 per share consensus estimate as well as an expected $5.50 billion in revenue, as the Completion and Production segment performed well, particularly driven by Completion and Production work and international growth. 

The Iraq Basra Oil Company contract, which was announced the day before earnings, augments an international backlog that is already growing. Citi’s Street-high target stands at $52. The technical breakout trigger from the 2H symmetrical triangle is $35.82 when trading is at $36, which was breached during early Tuesday morning activity.

Q2 Sees Fourth Consecutive Beat, Driven by What Factors?

Halliburton topped the $0.54 EPS consensus and $5.50 billion revenue estimate in the second quarter of 2026, marking its fourth consecutive earnings beat. Completion and Production was the strongest segment, as the business experienced an uptick in North American completion after some earlier delays in hydraulic fracturing services, which were supported by some pricing power from moderately elevated global demand for high-end services. 

International activity served as a tailwind for the broader company, as more offshore activity in Guyana, Suriname, Brazil and Norway more than offset the decline in the Middle East, especially in certain areas of Iraq and Qatar as the situation in the region continued to remain somewhat uncertain. 

This reflects what happened in Q1 2026, when the company reported EPS of $0.55 (on revenue of $5.40 billion), which bested the $0.49 consensus by 12%. In addition to the Latin America and offshore business strength that was the story for Q1 and continued into Q2, Management was able to counter some of the Middle East weakness with faster growth elsewhere abroad, which is the narrative that played out in both quarters and serves as a testament to the credibility of Q2’s result after the situation in the aforementioned Middle Eastern countries has been less than desirable. 

The operating margin in Q1 2026 was near 13%, and investors should be interested to see if Q2 held or improved from that level on the 9:00 AM ET conference call.

Iraq Contract Adds Depth to International Business; Backlog Growing

A day before the second quarter’s release, Halliburton announced a deal with Iraq’s Basra Oil Company to provide engineering, procurement and construction management for the development of two oil and gas fields in southern Iraq, called Bin Umar and Sindbad, as well as integrated field management services. The first five-year phase of the project calls for production rates at the Bin Umar field to climb to some 150,000 barrels per day, as well as up to 300 million cubic feet of associated gas per day to be captured. 

Halliburton will leverage its Landmark digital suite of tools that will allow the company to integrate subsurface analysis, well planning and production in one platform.

Following on the heels of a number of other significant wins. Halliburton completed approximately a 285-well unconventional gas development campaign for Saudi Aramco and secured an integrated well construction contract for Saudi Aramco's GranMorgu deepwater project off the Suriname coast. The company says the additional awards boost its international backlog and underscore its intentional strategy to grow non-U.S. land activities where pricing and demand volatility are far less pronounced than what's taking place in the U.S. land market. 

Halliburton notes the contract with the Basra Oil Company is significant because it not only covers drilling services, but integrated field management, which typically involves a longer contract term and a higher degree of revenue predictability versus stand-alone well contract opportunities.

Analyst Targets and the Risks Facing the Stock

The consensus is Buy with 12 of the 15 Wall St. analysts covering HAL rating the stock a Buy. Citi maintains its Buy rating with a Street-high price target of $52 (raised from $47), and RBC Capital is recommending the shares. Some conservative targets are in the low-$40s: Morgan Stanley is $41, BofA is $42, Susquehanna is $42, and UBS has a Neutral rating with a price target of $40. Wolfe Research was the last to initiate coverage with a rating of Peer Perform. 

So there's a spread of $40 to $52 across the analyst price targets, and that is precisely the question: how much does the backlog grow, given ongoing uncertainties in the Middle East and continued weakness in the North American completions market?

Two headwinds facing management are geopolitical developments in certain parts of the Middle East (which continues to impinge on some of the international business, where recovery in Iraq and Qatar isn't guaranteed to keep pace with growth in other countries) and a rise in operating expenses, a margin risk.

Investors on the 9:00 AM call will be watching for management commentary on the level of Q3 North American completions pricing, expected margin development and expected timing for revenue recognition for the Iraq and Saudi Aramco contracts.

HAL Technical Setup, Triangle Cleared at $35.82, Next Targets $36.23 and $36.60

On the 2H chart, this morning's 2.5% pop to $36 takes out the symmetrical triangle breakout level at $35.82 (where the 100-EMA and triangle top converged). The RSI at 55 is constructive but not overbought. First target: $36.23. Second target: $36.60.

Halliburton (HAL) Price Chart - Source: Tradingview

On the downside, the first support is at $35.09 (trendline and 50-EMA) followed by $34.55. If $34.55 gives way, the bullish setup is invalidated.

• Q2 result: Beat EPS consensus of $0.54 and revenue consensus of $5.50B. Stock +2.5% to $36
• Iraq contract: Basra Oil Company EPCM for Bin Umar and Sindbad fields. 150,000 bpd target
• Saudi Aramco: ~285-well unconventional gas campaign completed. GranMorgu deepwater contract
• Analyst targets: Citi $52 (Street-high). Morgan Stanley $41. BofA $42. UBS $40 (Neutral)
• Triangle cleared: $35.82 breakout level passed. Targets: $36.23 then $36.60
• Support: $35.09 (50-EMA + trendline). Below $34.55 invalidates bullish structure

What Did Halliburton Report for Q2 2026?

Ahead of the trading day on July 21, Halliburton beat both the EPS consensus of $0.54 and the revenue consensus of approximately $5.50 billion. This marks four straight quarters Halliburton has met/exceeded EPS expectations. The segment that most beat expectations was Completion and Production, in North America, where completion activity picked up, and some International, in Guyana, Suriname, Brazil and Norway where they offset lower results elsewhere, especially in the Middle East. Call will start at 9 AM ET on July 21.

What Is the Iraq Basra Oil Company Contract?

Basra Oil Company (July 20, one day before the Q2 results): Engineering, procurement and construction management for the Bin Umar and Sindbad oil and gas fields in southern Iraq, along with the supply of integrated field management services. The initial five-year phase will aim to increase Bin Umar field production to approximately 150,000 bbl/d, as well as capture 300 MMSCFD of associated gas. Halliburton will deploy its Landmark software to combine subsurface data, well plans and production services. It will contribute to Iraq’s goal of increasing local energy production.

Why Do Analyst Targets for HAL Range So Widely From $40 to $52?

Target Price Range: $40-$52. The difference between the most optimistic targets, for example $52 from Citi, and lower expectations of $40-$42 by Morgan Stanley, Bank of America and Susquehanna shows that there’s real divergence regarding Halliburton’s path to profitability. The bullish narrative in Citi’s $52 scenario relies on international order book momentum from Iraq, Saudi Aramco and Latin America, along with stabilization of North America completion prices heading into the second half of 2026. 

Conversely, the bearish outlook assumes continued Middle East supply interruptions, a stagnant North American pricing environment, and headwinds on operating expenses that preclude further margin uplift above the 13% Q1 level. Today’s call, particularly the tone of the market on Q3 completion pricing and when new contracts will show up in the revenue stream, could determine which way the stock price moves.

Bottom Line

Halliburton crushed both Q2 2026 consensus estimates on EPS and top line revenue and shares are up 2.5% to $36 as the company hits the mark for earnings guidance for a fourth consecutive quarter. Iraq Basra Oil, Saudi Arabia Aramco completions and a pickup in Latin America offshore are expanding Halliburton’s international orderbook. 

The Street-high target price sits at $52 from Citi and a debate on the Street between $40 and $42, due to continued Middle East volatility and questions on operating margins. Halliburton has just broken out of the symmetrical triangle breakout level of $35.82 and this morning is targeting $36.23 and $36.60. Any failure at $35.09 and the technicals become ugly.