What happened

Shares of Halliburton (HAL 0.93%) rebounded 10.5% in June, according to data provided by S&P Global Market Intelligence. The main catalyst driving up the oil field services stock was a move by OPEC.

So what

Oilfield services stocks, including Halliburton, soared on June 5. Fueling shares was news that OPEC would hold back more supplies through the end of July by extending its historic market support agreement. Shares would continue rallying on that news, soaring more than 35% at one point.  

A drilling rig at sunset.

Image source: Getty Images.

Halliburton would eventually give back some of those gains as optimism started to fade. However, the stock still managed to rally double digits on the month, roughly matching the rebound in WTI, the main U.S. oil price benchmark. 

That uptick in the price of crude oil has analysts starting to get slightly more bullish on Halliburton's prospects. Citi boosted its price target on the stock last month from $7.50 to $12 per share, though it kept its neutral rating. One factor driving that valuation bump is its outlook that Halliburton will earn more money next year on a quick snap back in drilling activities.  

Now what

Shares of Halliburton bounced back last month on the view that the oil market will recover faster than many initially expected thanks to OPEC's intervention. However, the industry still has a long road ahead of it, especially since many oil companies have recently filed for bankruptcy, while many more are on the brink. Because of that, Halliburton shares could remain quite volatile since the recovery still faces many potential obstacles.