Halliburton Surges on Beat Q2 Results and Iraq Contract

Halliburton (NYSE: HAL) shares surged by about 2.5%, or around $36, on July 21 after the energy company reported second quarter results that beat Wall Street projections for both earnings per share and revenue.

The Completion and Production segment was the strongest, driven by an increase in North American completion activity and international growth, particularly in Guyana, Suriname, Brazil, and Norway.

Halliburton also announced a contract with Iraq's Basra Oil Company to provide engineering, procurement, and construction management for two oil and gas fields, Bin Umar and Sindbad. The initial five-year phase aims to increase production rates at the Bin Umar field to around 150,000 barrels per day.

The company has now beaten earnings expectations for four consecutive quarters, with the operating margin in Q1 2026 near 13%. Analysts are looking to see if Q2 held or improved from that level on the upcoming conference call. Citi maintains its Buy rating with a Street-high price target of $52.

The technical breakout trigger from the 2H symmetrical triangle is at $35.82, which was breached during early Tuesday morning activity. The RSI at 55 is constructive but not overbought, suggesting further potential for growth.