Hunting (LON:HTG) Board of Directors Initiates Share Repurchase Program

Hunting (LON:HTG) declared that its Board of Directors has initiated a share repurchase plan on Thursday, August 28th, RTT News reports. The company plans to repurchase $40.00 million in shares. This repurchase authorization allows the company to buy up to 6.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Hunting Trading Down 2.9%

LON HTG opened at GBX 322.50 on Friday. Hunting has a one year low of GBX 245 and a one year high of GBX 455. The business’s fifty day moving average is GBX 307.68 and its 200-day moving average is GBX 288.86. The stock has a market capitalization of £661.28 million, a price-to-earnings ratio of 5.38, a PEG ratio of 1.06 and a beta of 1.07. The company has a debt-to-equity ratio of 11.64, a current ratio of 2.69 and a quick ratio of 2.08.

Wall Street Analysts Forecast Growth

HTG has been the subject of a number of research reports. Collins Stewart reiterated a “buy” rating and issued a GBX 600 price objective on shares of Hunting in a report on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and set a GBX 600 price objective on shares of Hunting in a research report on Wednesday, July 9th. Finally, Berenberg Bank reaffirmed a “buy” rating and set a GBX 465 price objective on shares of Hunting in a research report on Thursday. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, Hunting presently has a consensus rating of “Buy” and an average price target of GBX 555.

Hunting Company Profile

Hunting is a global precision engineering group, which provides quality-assured products and services for the energy, aviation, commercial space, defence, medical, and power generation sectors.

Our strong focus on quality assured products, supported by rigorous health and safety procedures, ensures we assist in the delivery of energy safely and it is also the basis of our standing in this critical, global industry.

Our intellectual property portfolio enables the Hunting Group to maintain a leading technology edge, so that energy projects are delivered quicker and at lower cost with minimal impact on the environment.

Our people are our most important asset.