Oppenheimer believes that the Street is valuing Halliburton based on its "depressed" 2016 outlook. However, the firm expects the company's performance to rebound in 2017, when the North America E&P market will rebound and the company realizes synergies from its Baker Hughes deal. The firm expects investors to increasingly begin valuing Halliburton on these higher 2017 numbers in coming months. It keeps a $48 price target on the stock.

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

Reports Q1 revenue $5.8B, consensus $5.67B. "Halliburton delivered solid first quarter results that again demonstrated the power of our strategy and the strength of our execution. Activity in North America recovered from fourth-quarter lows, and our international business delivered its 11th consecutive quarter of year-on-year growth," commented Jeff Miller, Chairman, President and CEO. "Our customers' multi-year activity plans across markets and asset types confirms my confidence in the strength and duration of this upcycle. Halliburton demonstrated its commitment to shareholder returns in the first quarter and repurchased $250 million of common stock - a solid start to the year and a good benchmark for our expectations going forward," concluded Miller.