Halliburton's (HAL) outlook for the rest of the year is improving as international projects ramp up and North American markets tighten, RBC Capital Markets said Wednesday in a report.

Underlying market conditions are strengthening, though the flat Q2 performance was "masked" by mobilization costs tied to recent contract wins and continued drag from the Middle East, the report said.

Halliburton has secured multiple unconventional fracturing awards globally in recent months, including a multibillion-dollar deal with YPF (YPF) in Argentina and a new award with Aramco for Jafurah completion work starting in Q3, the report said.

RBC lowered its EBITDA estimates by 2% to $4.18 billion for 2026 and $4.57 billion for 2027, and introduced a 2028 forecast of $4.97 billion, up 9% from a year earlier and below the market consensus of $5.07 billion.

Still, RBC said it sees "solid value" in Halliburton shares on the brighter international and North American prospects.

RBC maintained its outperform rating on Halliburton stock and its $45 price target.

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