Halliburton Company (HAL), with a market cap of $29.60 billion, is a global leader in providing services and products for the energy industry. Headquartered in Houston, Texas, and operating in over 70 countries, Halliburton specializes in enhancing oil and gas exploration and production through innovative solutions. The company is scheduled to report its fiscal second-quarter earnings for 2024 before the market opens on Friday, Jul. 19.

Ahead of the event, analysts expect HAL to report a profit of $0.80 per share, up 3.9% from $0.77 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. 

Its adjusted earnings of $0.76 per share for the last reported quarter beat the consensus estimate by 2.7%. Halliburton's first-quarter results were supported by strong international operations, particularly in the Middle East and Latin America, which offset weaker North American performance. The company's success stemmed from improved completion tool sales and increased stimulation activity despite lower U.S. onshore pressure pumping activity.

For fiscal 2024, analysts expect HAL to report EPS of $3.37, up 7.7% from $3.13 in fiscal 2023. Fiscal 2025 EPS is expected to grow 17.2% year over year to $3.95.

HAL stock is down 7.5% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 14.8% returns. The stock has also lagged behind the Energy Select Sector SPDR Fund’s (XLE) 8.8% returns over the same time frame.

Halliburton shares have struggled in 2024 due to declining oil prices and a stronger dollar, which have impacted their international operations. Investors are concerned about the company's profitability amid economic uncertainties and fluctuating demand for oil-field services. Despite better-than-expected Q1 earnings on April 23, the stock dipped slightly.

The consensus opinion on HAL stock is bullish, with an overall “Strong Buy” rating. Out of 19 analysts covering the stock, 17 advise a “Strong Buy” rating, one recommends a “Moderate Buy,” and one suggests a “Hold.” 

This configuration is slightly more bullish than three months ago when HAL had 16 “Strong Buy” ratings. The average analyst price target for HAL is $48.21, indicating a potential upside of 44.2% from the current levels. 

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