After four consecutive annual losses that saw the company's market value cut by more than half, the stock now has 16 "buy" recommendations among analysts, compared with six "holds" and three "sells." Among its largest peers, Halliburton is most dependent on North America, where it generates roughly 40% of sales. Fracking in the U.S. is expected to grow 7% in the current quarter before erasing those gains by the final three months of the year, according to Goldman Sachs. Explorers are forecast to boost spending by 20% next year, the bank said last week in a note to investors. Exploration and production spending is widely seen as a proxy for future crude output because the budgets cover everything from drilling new holes in the ground to fracking and completing the wells for oil to flow. Thanks to tightening supplies of various oilfield gear, Halliburton said it's finally able to command higher prices for its work -- beyond the cost of supply chain inflation -- in certain pockets of the market.