BMO Reiterates Market Perform on Halliburton, Sees Resilient North America Trends

Group 1 - BMO Capital reiterated a Market Perform rating and a $31 price target on Halliburton, citing resilience in North American activity and steady international growth [1] - The firm expects Halliburton's fourth-quarter 2025 results to show stronger-than-usual seasonal performance in North America, with fourth-quarter earnings per share projected at $0.56 and EBITDA at approximately $1.02 billion [1] - For full-year 2026, BMO projected EBITDA of $4.01 billion and earnings of $2.21 per share, with EBITDA margins expected to decline about 30 basis points year over year to 18.5% [2] Group 2 - BMO slightly raised its first-quarter 2026 EBITDA estimate to $952 million from $938 million, anticipating year-over-year growth in the second half of the year [2] - The analyst highlighted Halliburton's 20% ownership stake in VoltaGrid and its international partnerships as key areas to monitor, estimating that $2.50 to $3.00 per share of value related to these assets is already reflected in the stock price [3]