Read How Analysts Reacted To Halliburton's Q1 Results

Analysts updated ratings and price target for Halliburton Company HAL after Q1 results.
Citi analyst Scott Gruber raised the price target to $48 (an upside of 19.6%) from $44 while maintaining the Buy rating on the shares.
Gruber states that expectations for HAL were high coming into the quarter.
The analyst utilizes 38% increments in 2H on average, which he believes leaves room for upside given pricing power across U.S. services, a robust completion tool order book. The new Middle East chemicals facility benefits costs.
HAL remains one of our favorite OFS stocks on pricing leverage in the U.S. and the strength of their strategy abroad, mentions Gruber.
Related: Halliburton's Q1 Results Surpass Expectations
Stephens analyst Cameron Lochridge downgraded Halliburton to Equal Weight from Overweight and raised the price target to $40 (a downside of 0.34%) from $37.
The stock is now near its highest level since 2018, stated Lochridge.
Susquehanna analyst Charles Minervino raised HAL's price target to $48 from $45 and maintained a Positive rating on the shares.
Though supply chain issues are likely to be a headwind in the short term, Minervino believes this is a transitory challenge that increased activity and lower prices will offset.
B of A Securities analyst Chase Mulvehill raised the price target for HAL to $47 (an upside of 17.1%) from $45 while maintaining the Buy on the shares.
Mulvehill stated that they continue to view HAL's U.S. shale franchise as one of the eventual winners over the long term.
The analyst further adds that cost-cutting has reset cyclical margin expectations higher, while digital penetration should lead to better FCF conversion in the coming cycle.
NAM pricing strength ready to shine through in results.
Mulvehill mentions that the company's frac equipment industry-wide is nearly sold out.
Price Action: HAL shares are trading lower by 3.7% at $39.77 on the last check Wednesday.

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