Harbour Energy (LON:HBR) Stock Price Up 1% – Here’s What Happened

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Shore Capital reissued a “no recommendation” rating on shares of Harbour Energy in a report on Thursday, August 7th. JPMorgan Chase & Co. started coverage on Harbour Energy in a research report on Tuesday, September 2nd. They set an “overweight” rating and a GBX 298 price target on the stock. Canaccord Genuity Group raised their price objective on shares of 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 boosted their price objective 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. Finally, Jefferies Financial Group upped their target price on shares of Harbour Energy from GBX 240 to GBX 290 and gave the stock a “buy” rating in a report on Monday, October 20th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of GBX 273.25.

Harbour Energy Stock Performance

The company has a debt-to-equity ratio of 76.75, a quick ratio of 0.33 and a current ratio of 0.82. The stock has a market cap of £3.24 billion, a PE ratio of -7.80, a PEG ratio of 0.04 and a beta of -0.23. The company’s 50-day moving average price is GBX 214.74 and its two-hundred day moving average price is GBX 201.89.

Harbour Energy declared that its board has approved a share buyback plan on Thursday, August 7th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership 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.