Halliburton(HAL), an oilfield services company that provides products and services to the energy industry. HAL offers a quarterly dividend of 17 cents per share. At an annualized dividend of 68 cents per share, Halliburton stock’s dividend yield stands at 3.3%.

Following a virtual investor meeting with management, analysts reaffirmed a buy rating on Halliburton stock with a price target of $24. While management acknowledged near-term risks to the North American business, anslysts noted that about 60% of HAL’s revenue comes from international markets and presents a relative degree of resilience, which is not priced into the stock. Halliburton expects continued softness in certain geographic locations such as Mexico, Saudi Arabia and Iraq. However, most of HAL’s international rigs are exposed to unconventional drilling, and management does not expect these rigs to experience large suspensions.

Interestingly, management expects “idiosyncratic growth” from four key areas: unconventional completion opportunities in Argentina and Saudi Arabia, market share growth in directional drilling, intervention opportunities as operators are more likely to spend greater time optimizing existing assets than developing greenfield assets, and artificial lift opportunities. Expecting these opportunities to enhance margins and support strong free cash flow conversion, making HAL stock attractive at these levels.

Despite the expected softness in pricing in North America, Halliburton expects to maintain a premium to the market due to its differentiated Zeus technology and the long-term nature of its electric contracts.

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