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Halliburton Co HAL

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Energy Stocks Surge on Positive Vaccine News, but Plenty of Upside Remains

Preston Caldwell Equity Analyst

Analyst Note

| Preston Caldwell |

Energy stocks surged on Nov. 9 following Pfizer's announcement of favorable phase 3 data on its COVID-19 vaccine. The broader U.S. Market Index was up 1% on the day, but the energy sector led the way up 14%. Oil prices (West Texas Intermediate) were also up about 8%. Despite the rally, the energy sector is still down around 45% year-to-date. We think the sell-off has been overdone, and as such energy stocks continue to look undervalued overall. Our median covered energy stock trades at a 37% discount to our fair value. Within energy, oilfield services look cheapest overall, trading at a median 52% discount to fair value. E&Ps are also at a 45% median discount to fair value.

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Company Profile

Business Description

Halliburton is the world's second- largest oilfield-services company. Building from its origins pioneering oil and gas well cementing in the 1920s, Halliburton has evolved into the premier wellbore engineering company, with leading business lines in cementing, completion equipment, and pressure pumping. It added drilling services as a second key area of focus via its 1998 acquisition of Dresser and today stands second only to industry leader Schlumberger. Owing to its strategic bet on U.S. shale starting nearly two decades ago, Halliburton has played an unparalleled role in facilitating the shale revolution.

Contact
3000 North Sam Houston Parkway East
Houston, TX, 77032
T +1 281 871-2699
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 40,000

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