Halliburton (HAL) stock is back in focus after the company released second quarter 2026 results, reported a fresh tranche of share repurchases, and advanced a new memorandum of understanding tied to an Australian gas powered AI data center project.

At a share price of $31.64, Halliburton has seen its 90 day share price return fall 24.05%, even as the 1 year total shareholder return sits at 44.53%. Recent earnings, buybacks, and the Australian AI data center MOU keep the story active.

If Halliburton's AI linked project has your attention, it could be a good moment to scan other infrastructure plays through our AI infrastructure stock screener, starting with 56 AI infrastructure stocks.

Bulls point to Halliburton’s profits, buybacks, and AI related optionality. Bears focus on the share price slide and cyclic energy exposure. Which side does the current valuation actually support as you look at the numbers?

Most Popular Narrative: 28.5% Undervalued

Halliburton's most followed narrative puts fair value at $44.24 versus the last close of $31.64. That gap rests on specific revenue, margin, and project execution assumptions that go well beyond a simple P/E shortcut.

The company's ongoing international diversification, growing faster in regions like Latin America, Africa, and the Middle East, and leveraging U.S. style unconventional expertise, creates a larger, more stable revenue base and reduces earnings cyclicality, supporting both top line growth and improved earnings predictability.

Want to see what is baked into that $44.24 fair value for Halliburton? The narrative leans on measured revenue growth, firmer margins, and a lower future earnings multiple than many peers. Curious how those moving parts combine into one target number.

Result: Fair Value of $44.24 (UNDERVALUED)

However, there are still clear swing factors for Halliburton, including faster decarbonization policies or weaker North American shale activity that could pressure future project work.

Next Steps

With Halliburton's mix of risks and rewards laid out, this is a good time to move quickly, review the underlying data, and decide where you stand. To see both sides in one place, start by checking the 4 key rewards and 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.