Harbour Energy (LON:HBR) Share Price Crosses Below 50 Day Moving Average – Here’s What Happened

Harbour Energy plc (LON:HBR)’s stock price passed below its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of GBX 279.32 and traded as low as GBX 266.60. Harbour Energy shares last traded at GBX 268, with a volume of 174,037,859 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on HBR shares. Berenberg Bank reissued a “hold” rating and set a GBX 245 price objective on shares of Harbour Energy in a report on Thursday, August 6th. JPMorgan Chase & Co. boosted their target price on shares of Harbour Energy from GBX 260 to GBX 280 and gave the company a “neutral” rating in a research note on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of GBX 311.

Harbour Energy Trading Down 2.0%

The company has a current ratio of 0.70, a quick ratio of 0.33 and a debt-to-equity ratio of 166.66. The stock has a market cap of £3.93 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 0.04 and a beta of -0.23. The business’s fifty day simple moving average is GBX 279.32 and its 200 day simple moving average is GBX 262.77.

Harbour Energy declared that its Board of Directors has initiated a share buyback program on Thursday, November 5th that authorizes the company to buy back £111.45 million in shares. This buyback authorization authorizes the company to repurchase up to 2.8% of its shares through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is 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.