Halliburton (HAL) is drawing fresh attention after partnering with nuclear waste startup Deep Isolation to apply its drilling expertise to radioactive waste disposal. The move introduces a new environmental angle that some investors will scrutinize.

Halliburton’s recent nuclear waste partnership comes as the stock trades at US$31.89, with the share price falling 7.27% over the past month and 23.53% over the past quarter, yet showing a 7.74% year to date share price return and a 59.17% total shareholder return over the past year. This suggests earlier momentum has cooled recently while longer term holders have still seen strong gains.

If this move into nuclear related services has caught your attention, it could be a good moment to look across the wider energy transition space using the 89 nuclear energy infrastructure stocks

Halliburton’s share price has cooled even as it moves into nuclear waste services, which leaves you weighing an early entry against waiting for a pullback. How does the current valuation compare with its fundamentals and risks?

Most Popular Narrative: 27.9% Undervalued

The most followed Halliburton narrative points to a fair value of $44.24 versus the last close at $31.89, which frames a sizable valuation gap for you to assess.

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.

Read the complete narrative. Read the complete narrative.

Want to see what is driving that gap between price and fair value? The core narrative leans on measured revenue growth, fatter margins, and a future earnings multiple that has to line up with those cash flow assumptions. The exact mix of those inputs matters more than any single headline number.

Result: Fair Value of $44.24 (UNDERVALUED)

However, Halliburton’s story could change quickly if global decarbonization policies tighten faster than expected or if North American shale activity softens for a longer period.

Next Steps

With Halliburton facing both concerns and optimism, it helps to move fast and test the numbers for yourself. Start with 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.