Halliburton Co

HAL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$75.00	Mqrvhg	Ccztphvz

Halliburton Earnings: International Markets Continue to Drive Growth Amid Subdued US Market

Stephen Ellis , Samuel Siampaus

Apr 23, 2024

Narrow-moat Halliburton posted its 2024 first-quarter results in line with our expectations. Revenue was up 2% year over year and 1% sequentially, while firmwide operating margins declined very slightly to 17%. Continued strength in international drilling activity continues to shine amid a subdued North American market. As such, we’ve slightly cut our near-term sales outlook to reflect continued slowness in North America. We’ve reduced our fair value estimate to $39 from $40.

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