Halliburton's Dual Listing: A Strategic Bet on Texas and Shareholder Resilience

Halliburton's decision to dual-list its shares on the New York Stock Exchange (NYSE) and the newly established NYSE Texas on May 28, 2025, marks a bold strategic move that blends regional pride with global ambition. By anchoring itself in Texas—the heart of its operations and history—the company is not only signaling confidence in the state's economic trajectory but also positioning itself to unlock new avenues of growth and investor engagement. This dual listing, combined with its robust financial foundations and innovative technologies, presents a compelling case for investors to consider Halliburton as a resilient energy services leader.

The Strategic Logic of a Texas Anchor

Halliburton's move to list on NYSE Texas is more than a symbolic gesture. Texas remains a global energy hub, with its oil and gas industry accounting for nearly 10% of U.S. GDP. By listing locally, Halliburton is deepening its ties to regional investors, who stand to benefit from the state's energy-driven economy. This dual listing could enhance liquidity and accessibility for Texas-based institutions and retail investors, potentially broadening its shareholder base.

The company's century-old legacy in Texas—where it maintains its global headquarters—also serves as a narrative asset. As CEO Jeff Miller emphasized, this decision reflects a commitment to a state that has been central to its innovation and industry leadership. The dual listing aligns with a broader trend of companies leveraging regional exchanges to capitalize on localized economic momentum.

Shareholder Value: A Foundation of Resilience

Halliburton's financials underscore its ability to navigate volatility. Despite a slight miss on Q1 2025 EPS ($0.60 vs. estimates), revenue surged to $5.4 billion, exceeding forecasts. This resilience is further bolstered by its 55-year dividend streak, with a $0.17 per share quarterly payout maintained in Q2 2025. Shareholders have responded positively, approving key governance measures, including executive compensation.

Backtest the performance of Halliburton (HAL) when 'buy condition' is triggered on the announcement date of quarterly earnings releases and holding for 20 trading days, from 2020 to 2025.

Historical data reveals that a strategy of buying HAL on earnings announcement dates and holding for 20 days from 2020 to 2025 resulted in an average return of -3.12%, with a maximum drawdown of -48.45%, underscoring the heightened risks associated with such timing. Analysts at Stifel and Barclays, while noting macro risks like OPEC+ policy shifts and trade tariffs, remain cautiously optimistic. Their adjusted price targets reflect faith in Halliburton's operational discipline and its focus on high-margin segments like offshore drilling and sustainable energy solutions.

Innovation as a Growth Catalyst

Halliburton's strategic bets on technology—such as the ZEUS platform and EarthStar® 3DX—are critical to its long-term value proposition. These tools, designed to optimize drilling efficiency and subsurface imaging, position the company to serve both traditional and emerging energy markets. As the energy sector transitions toward cleaner solutions, Halliburton's ability to adapt its services could prove decisive in maintaining its leadership.

Risks and the Road Ahead

The dual listing is not without risks. NYSE Texas's success hinges on its ability to attract liquidity and investor confidence, which remains unproven. External factors, including oil price fluctuations and geopolitical tensions, could also test the company's margins. However, Halliburton's financial flexibility—its Q1 cash balance stood at $1.8 billion—and its diversified client base mitigate these risks.

Conclusion: A Compelling Investment Thesis

Halliburton's dual listing on NYSE Texas is a masterstroke of strategic foresight. By fortifying its Texas roots, leveraging technological innovation, and maintaining shareholder-friendly policies, the company is well-positioned to capitalize on both regional economic tailwinds and global energy demand. For investors seeking exposure to a resilient, tech-driven energy services giant, Halliburton's move is a signal to act now—before the market fully recognizes its multi-faceted value.

In an uncertain macroeconomic environment, Halliburton's blend of stability, innovation, and regional clout makes it a standout opportunity. This is a stock to watch closely—and a bet worth taking.