Halliburton's Dual Listing on NYSE Texas: A Strategic Pivot to Capture Texas's Economic Momentum and Unlock Hidden Value

The energy sector's evolution has long been tied to the fate of Texas, a state synonymous with oil and gas innovation. Halliburton's recent decision to list its shares on the newly launched NYSE Texas—while retaining its primary NYSE listing—marks more than a symbolic gesture. It is a calculated move to capitalize on Texas's economic dynamism, bolster investor access, and position itself as a leader in an industry poised for resurgence. This dual listing, announced on May 28, 2025, is a catalyst for unlocking Halliburton's undervalued potential.

Strategic Expansion: Leveraging Texas's Economic Engine

Halliburton's dual listing underscores its deep ties to Texas, where its global headquarters resides and where its innovations—from autonomous fracturing systems to international project wins—are fueling growth. By joining NYSE Texas, Halliburton gains access to a fully electronic trading platform headquartered in Dallas, enhancing liquidity and visibility for investors in the state's thriving economy. This move also aligns with the NYSE's broader strategy to expand its footprint in energy-centric regions, positioning Halliburton as a Founding Member of this new exchange.

The strategic brilliance lies in Texas's dual role as both a financial hub and an energy powerhouse. With its proximity to shale plays and a talent pool of engineers and innovators, Texas is a linchpin for energy sector recovery. Halliburton's presence on NYSE Texas signals confidence in this ecosystem, potentially attracting local institutional and retail investors who may have previously overlooked its shares listed solely on the NYSE.

Valuation Upside: Analysts See a 48-83% Price Surge Ahead

The numbers are compelling. As of May 2025, 25 analysts have an average one-year target price of $29.60 for Halliburton's stock, implying a 48.24% upside from its then-current price of $19.97. The highest target, $50.00, suggests even greater potential, while GuruFocus estimates a fair value of $36.59 for the following year—a 83.22% premium.

This optimism stems from Halliburton's diversified revenue streams and operational resilience. Despite a 7% year-over-year revenue dip in Q1 2025, the company generated $377 million in cash flow from operations and repurchased $250 million of its stock, signaling financial strength. Its $1.6 billion shareholder return plan for 2025—including dividends and buybacks—further reinforces confidence in its balance sheet.

Historical data underscores this bullish thesis: a buy-and-hold strategy executed on Halliburton's earnings announcement days from 2020 to 2025, holding for 30 days, delivered an average return of 22.98%, though with a maximum drawdown of -14.23%. This suggests that investors who capitalized on earnings catalysts historically enjoyed strong gains, albeit with material risk—a trade-off that may align with Halliburton's current undervalued positioning.

Navigating Challenges with Innovation and Global Reach

Critics may point to headwinds like tariff impacts on margins or OPEC's production decisions. Yet Halliburton is countering these risks with technological leadership and geographic diversification. Its ZEUS IQ autonomous fracturing system, for instance, reduces operational costs and enhances efficiency—a critical edge in a cost-sensitive market.

Contract wins in high-growth regions—such as Brazil's offshore projects and West Africa—highlight its global reach. These deals, combined with its Texas-centric strategy, create a dual engine for growth: domestic liquidity and international scale.

Why Act Now?

The dual listing on NYSE Texas is not just a symbolic gesture—it is a price discovery catalyst. By broadening its investor base, Halliburton reduces liquidity constraints and opens the door for Texas-based funds and retail investors to engage with its stock. Meanwhile, its valuation gap versus analyst targets suggests a mispricing that will correct as the market recognizes its strategic moves.

With Halliburton trading at a discount to its fair value and a shareholder-friendly capital allocation strategy in place, this is a rare opportunity to invest in a company primed to capitalize on energy sector recovery. The dual listing is the spark; the fire will be fueled by execution.

Final Call: Act Before the Market Catches On

The arithmetic is clear: Halliburton (HAL) offers a compelling risk-reward profile. Its Texas-focused expansion, robust cash flow, and analyst-backed upside make it a buy at current levels. Investors who act now can secure exposure to an energy giant reborn—one that is not just surviving but thriving in an industry on the cusp of a new era.

The time to act is now. Halliburton's dual listing is more than a listing—it's a signal. The question is: Will you heed it?