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HAL - Halliburton: Cost-Cutting Effort Masks A Structurally Weak Outlook
Halliburton Company
As one of the largest and most liquid beneficiaries of the post-2016 shale-led recovery, Halliburton (HAL) stands to be one of the biggest losers from a "lower for longer" oil scenario in the upcoming years. Thus far, COVID-19-led supply and demand shocks have severely hit oil prices, and by extension, North American shale and exploration and production (E&P) prospects appear bleak. Considering the elevated risk to HAL's top-line and future core earnings stream, I would be hesitant to buy into the stock at this juncture, especially at an elevated c. 10x 2021E EV/EBITDA