Hurricane Energy (LON:HUR) Stock Rating Upgraded by Canaccord Genuity Group

Hurricane Energy (LON:HURGet Rating) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report released on Friday. Analysts at Canaccord Genuity upgraded exploration and production firm Hurricane Energy from ‘hold’ to ‘speculative buy’ on Friday, stating the company had “weathered significant storms” that had nearly left it shipwrecked. Canaccord Genuity said Hurricane’s fortunes appeared to have changed, with winds “gentle” and the waves “calm”, while all the elements also appeared to be “responding kindly” to the company’s wishes. It is clear how this transition has come about; good operational management, continued better-than-expected P6 well productivity, very high levels of operational performance from the Aoka Mizu FPSO, and much-improved oil prices,” said Canaccord. It really needed convergence of all these to put Hurricane in its current position, where the company has rapidly pivoted from a potential existential threat to a much brighter future with growth options.

Separately, Canaccord Genuity Group raised Hurricane Energy to a “hold” rating and lifted their price objective for the stock from GBX 2.60 ($0.03) to GBX 9 ($0.11) in a report on Thursday, April 7th.

HUR opened at GBX 7.78 ($0.09) on Friday. The firm has a market capitalization of £154.97 million and a P/E ratio of 11.13. The stock’s 50 day moving average price is GBX 9.45 and its two-hundred day moving average price is GBX 7.14. The company has a quick ratio of 0.71, a current ratio of 0.97 and a debt-to-equity ratio of 107.23. Hurricane Energy has a 12-month low of GBX 1.10 ($0.01) and a 12-month high of GBX 12.37 ($0.15).

Hurricane Energy Company Profile (Get Rating)

Hurricane Energy plc, together with its subsidiaries, discovers, appraises, and develops hydrocarbon resources from fractured basement reservoirs on the United Kingdom Continental Shelf, West of Shetland. Its producing oil fields located in Clair, Foinaven, and Schiehallion; licences focused on the Rona Ridge, a major NE-SW trending basement; and assets comprise Lancaster, Lincoln, Halifax, and Warwick.

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