BMO Capital reiterated a Market Perform rating and a $31 price target on Halliburton (NYSE: HAL), pointing to relative resilience in North American activity and steady international growth.

The firm said it expected Halliburton's fourth-quarter 2025 results to show stronger-than-usual seasonal performance in North America alongside continued international momentum. BMO forecast fourth-quarter earnings per share of $0.56 and EBITDA of approximately $1.02 billion.

For full-year 2026, the firm projected EBITDA of $4.01 billion and earnings of $2.21 per share, reflecting a modest pullback in global upstream spending. EBITDA margins were expected to decline about 30 basis points year over year to 18.5%. BMO slightly raised its first-quarter 2026 EBITDA estimate to $952 million from $938 million and anticipated year-over-year growth in the second half of the year.

The analyst also highlighted Halliburton's 20% ownership stake in VoltaGrid and its international partnerships as areas to monitor, estimating that roughly $2.50 to $3.00 per share of value related to these assets was already reflected in the stock price.