Halliburton, SLB, Baker Hughes: Jefferies Tweaks PTs On Oilfield Giants — Here’s How Retail Feels

Brokerage Jefferies tweaked the price targets of top oilfield services firms SLB, Baker Hughes, and Halliburton following their second-quarter earnings report.

The brokerage noted that oilfield activity in major markets, such as Saudi Arabia and Mexico, remains challenged and continues to overshadow growth from other regions, according to The Fly.

It lowered the price target for the top oilfield services firm, SLB, to $51 from $53, implying a 43.8% upside compared with the stock’s last closing price, while also reducing the price target for Halliburton to $30 from $32, implying an upside of 30.3%. Both companies had flagged that oilfield activity would likely remain tepid, as energy firms remain concerned about oil demand.

Oil prices have been pressured this year due to fears of an economic slowdown, as well as oversupply in the market, following OPEC+ rapidly restoring curtailed production. The total number of active U.S. oil rigs fell by seven to 415 last week, their lowest since September 2021.

However, Jefferies reportedly raised the price target for Baker Hughes to $54 from $52, implying a 17.3% upside from the last close. The company is banking on growing power demand to mitigate the impact of a weak outlook for its core oilfield services segment.

Retail sentiment on Stocktwits about Halliburton was in the ‘bullish’ territory at the time of writing, while traders were ‘neutral’ about SLB and Baker Hughes.

Benchmark Brent crude prices have regained momentum in recent weeks as optimism about demand has risen following several trade deals between the U.S. and its key trading partners, including Japan and the EU.

Earlier in July, brokerage firm Barclays noted that SLB's offshore business remains on track for a mid-2026 inflection despite near-term headwinds.

SLB and Halliburton stocks have fallen 8.7% and 19.3%, respectively, this year, and Baker Hughes stock has gained 10.7%.

Also See: Oil Prices Gain After US-EU Trade Deal Spurs Growth Optimism, China Talks In Focus

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