Harbour Energy (LON:HBR) Shares Up 0.6% – Here’s Why

Harbour Energy plc (LON:HBR)’s share price shot up 0.6% during mid-day trading on Wednesday . The stock traded as high as GBX 200.20 ($2.68) and last traded at GBX 199.90 ($2.68). 62,972,363 shares were traded during mid-day trading, an increase of 685% from the average session volume of 8,024,560 shares. The stock had previously closed at GBX 198.70 ($2.66).

Analyst Ratings Changes

Several research analysts have weighed in on the company. Berenberg Bank upped their price target on Harbour Energy from GBX 200 to GBX 220 and gave the stock a “hold” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. assumed coverage on Harbour Energy in a research note on Tuesday, September 2nd. They issued an “overweight” rating and a GBX 298 price target for the company. Canaccord Genuity Group upped their price target on Harbour Energy from GBX 275 to GBX 285 and gave the stock a “buy” rating in a research note on Friday, August 8th. Finally, Shore Capital restated a “no recommendation” rating on shares of Harbour Energy in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Harbour Energy has a consensus rating of “Moderate Buy” and an average target price of GBX 267.67.

Harbour Energy Stock Up 0.6%

The company has a current ratio of 0.82, a quick ratio of 0.33 and a debt-to-equity ratio of 76.75. The stock has a market capitalization of £2.84 billion, a P/E ratio of -679.87, a P/E/G ratio of 0.04 and a beta of -0.23. The business has a 50-day moving average price of GBX 218.94 and a 200 day moving average price of GBX 196.35.

Harbour Energy announced that its Board of Directors has initiated a share repurchase program on Thursday, August 7th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Harbour Energy Company Profile

Harbour Energy is the largest London-listed independent oil and gas company with significant positions in Norway, the UK, Germany, Argentina, Mexico, North Africa and South East Asia.