Halliburton stock forecast 2027–2029
MyStockButler's October 2026 analysis: Halliburton's weighted price is $34.76 in October 2027, including a 5% return with dividends. Halliburton's forecast hinges on management achieving the planned savings after the October 20, 2026 SAP go-live.
Where could Halliburton's shares be by 2029?
The weighted price is $34.76 in October 2027, including a 5% return with dividends. It rises to $39.08 in October 2028, including a 20% return. By October 2029, it reaches $40.90, including a 28% return.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 19.02 (-41 %) | 19.07 (-39 %) | 12.89 (-56 %) |
| Base | 50 % | 38.20 (+16 %) | 41.61 (+28 %) | 42.86 (+34 %) |
| Bull | 20 % | 49.75 (+50 %) | 62.80 (+91 %) | 78.01 (+139 %) |
| Weighted | 100 % | 34.76 (+5 %) | 39.08 (+20 %) | 40.90 (+28 %) |
What has to go right, and what could go wrong for Halliburton?
The bear case gives $2,700 million, $2,984 million and $2,507 million. It assumes oversupply, weak pricing and delayed international work, consistent with the recent North American decline and the company’s stated collection risks. The bull case gives $3,720 million, $4,032 million and $4,366 million because international conversion, savings and technology lift revenue and margins above guidance.
The bear case requires North American pressure pumping to remain oversupplied while international projects delay and collections consume cash.
How much cash does Halliburton really make?
A stricter analyst also deducts stock compensation. Shares are not a current cash payment, but they dilute existing owners unless repurchases offset them. Operating cash covered capital spending in every year from 2021 through 2025, yet Halliburton does not disclose how much of that spending merely maintains its equipment.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 2,926 | 3,865 | 3,458 | 2,242 | 1,911 |
| − Capital spending | 1,254 | 1,442 | 1,379 | 1,011 | 799 |
| = Free cash flow | 1,672 | 2,423 | 2,079 | 1,231 | 1,112 |
| − Stock pay | 213 | 223 | 219 | 219 | 214 |
| = Real free cash flow | 1,459 | 2,200 | 1,860 | 1,012 | 898 |
| Real free cash flow, % of revenue | 6.6% | 9.6% | 8.1% | 5.0% | 5.9% |
What this means. The company's own free cash flow is higher because it adds cash from selling property and equipment, while our count leaves that out.
What does an investor pay for Halliburton today?
Free cash flow yield is 6.0%, while a separately calculated real free cash flow yield is 5.2%. Working-capital releases and equipment sales can temporarily lift cash, so the specialist’s question is what remains after maintaining the fleet. The 2.0% dividend yield is a use of that cash, not an extra source.
| Today (Oct 21, 2026) | |
|---|---|
| Share price | 33.59 |
| P/E, last 12 months (calculated) | 14.1x |
| P/E, next 12 months (calculated) | 11.7x |
| Free cash flow yield (calculated) | 6.0% |
| Real free cash flow yield (calculated) | 5.2% |
| Dividend yield (calculated) | 2.0% |
What this means. Enterprise value is higher than market value because it adds debt and subtracts cash to estimate what buying the whole business would cost.