Harbour Energy (LON:HBR) Price Target Raised to GBX 220

Key Points

• Berenberg Bank has raised its price target for Harbour Energy from GBX 200 to GBX 220, maintaining a "hold" rating on the stock.
• Harbour Energy's current trading price is around GBX 232.91, with a market capitalization of £4.18 billion and significant insider ownership at 64.08%.
• The company has authorized a stock repurchase program, signaling management's belief that the shares are undervalued.

Harbour Energy (LON:HBR - Free Report) had its target price boosted by Berenberg Bank from GBX 200 ($2.72) to GBX 220 ($2.99) in a research note issued to investors on Friday morning, Marketbeat reports. Berenberg Bank currently has a hold rating on the stock.

Other research analysts have also recently issued reports about the stock. Canaccord Genuity Group lifted their price target on shares of Harbour Energy from GBX 275 ($3.73) to GBX 285 ($3.87) and gave the company a "buy" rating in a research report on Friday, August 8th. Shore Capital reissued a "no recommendation" rating on shares of Harbour Energy in a research report on Thursday, August 7th.

Harbour Energy Trading Down 4.8%

Shares of LON:HBR traded down GBX 11.40 ($0.15) on Friday, hitting GBX 226.60 ($3.08). The company had a trading volume of 2,423,171 shares, compared to its average volume of 7,559,456. The firm's 50-day simple moving average is GBX 203.36 and its two-hundred day simple moving average is GBX 196.73. Harbour Energy has a 1 year low of GBX 146.40 ($1.99) and a 1 year high of GBX 308.90 ($4.19). The company has a quick ratio of 0.33, a current ratio of 0.82 and a debt-to-equity ratio of 76.75. The firm has a market capitalization of £4.07 billion, a price-to-earnings ratio of 71.25, a P/E/G ratio of 0.04 and a beta of -0.23.

Harbour Energy declared that its Board of Directors has initiated a share repurchase plan on Thursday, August 7th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Alexander Krane acquired 9,644 shares of Harbour Energy stock in a transaction on Tuesday, May 27th. The stock was acquired at an average cost of GBX 179 ($2.43) per share, for a total transaction of £17,262.76 ($23,442.10). Corporate insiders own 64.08% of the company's stock.

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.