Harbour Energy (LON:HBR) Shares Up 1% – Still a Buy?

Harbour Energy plc (LON:HBR)’s stock price shot up 1% during mid-day trading on Thursday . The company traded as high as GBX 236 and last traded at GBX 232.80. 46,456,582 shares traded hands during trading, an increase of 509% from the average session volume of 7,633,985 shares. The stock had previously closed at GBX 230.40.

Wall Street Analysts Forecast Growth

HBR has been the subject of a number of research analyst reports. Canaccord Genuity Group lifted their price target on Harbour Energy from GBX 275 to GBX 285 and gave the company a “buy” rating in a research report on Friday, August 8th. Berenberg Bank lifted their target price on shares of Harbour Energy from GBX 200 to GBX 220 and gave the company a “hold” rating in a research note on Friday, August 8th. Jefferies Financial Group lifted their target price on shares of Harbour Energy from GBX 240 to GBX 290 and gave the company a “buy” rating in a report on Monday, October 20th. Shore Capital reaffirmed a “no recommendation” rating on shares of Harbour Energy in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. began coverage on shares of Harbour Energy in a report on Tuesday, September 2nd. They issued an “overweight” rating and a GBX 298 price objective on the stock. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of GBX 273.25.

Harbour Energy Stock Performance

The company has a market cap of £3.29 billion, a PE ratio of -7.91, a price-to-earnings-growth ratio of 0.04 and a beta of -0.23. The company has a debt-to-equity ratio of 76.75, a current ratio of 0.82 and a quick ratio of 0.33. The business has a fifty day simple moving average of GBX 214.72 and a two-hundred day simple moving average of GBX 201.40.

Harbour Energy announced that its board has authorized a stock repurchase program on Thursday, August 7th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

About Harbour Energy

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.