Berenberg Bank Cuts Hunting (LON:HTG) Price Target to GBX 450

Key Points

• Berenberg Bank has reduced its price target for Hunting (LON:HTG) from GBX 465 to GBX 450, but maintains a "buy" rating, indicating a potential upside of 29.50% from the current price.
• Other analysts, including Jefferies, RBC, and Canaccord Genuity, have varied price targets and maintained "buy" or "outperform" ratings, with an average target price for Hunting at GBX 498.
• Hunting's board approved a $40 million share repurchase plan, indicating confidence in the stock's valuation, while insider Margaret Amos recently purchased shares at GBX 332.

Hunting (LON:HTG - Get Free Report) had its price target decreased by research analysts at Berenberg Bank from GBX 465 to GBX 450 in a report released on Thursday, MarketBeat.com reports. The firm presently has a "buy" rating on the stock. Berenberg Bank's price target points to a potential upside of 29.50% from the stock's current price.

A number of other research analysts have also recently commented on the company. Jefferies Financial Group boosted their price target on Hunting from GBX 350 to GBX 400 and gave the stock a "buy" rating in a report on Tuesday, September 30th. Royal Bank Of Canada reissued an "outperform" rating and issued a GBX 440 target price on shares of Hunting in a report on Tuesday, September 2nd. Canaccord Genuity Group reaffirmed a "buy" rating and set a GBX 600 price objective on shares of Hunting in a research note on Thursday. Finally, Collins Stewart reiterated a "buy" rating and issued a GBX 600 price target on shares of Hunting in a report on Thursday, August 28th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Hunting presently has an average rating of "Buy" and an average target price of GBX 498.

Hunting Stock Performance

Shares of HTG stock traded up GBX 18.50 during trading hours on Thursday, reaching GBX 347.50. 1,804,960 shares of the company traded hands, compared to its average volume of 738,221. The company has a debt-to-equity ratio of 11.64, a current ratio of 2.69 and a quick ratio of 2.08. Hunting has a 12-month low of GBX 245 and a 12-month high of GBX 377.50. The company has a market cap of £539.83 million, a P/E ratio of -16.39, a P/E/G ratio of 1.06 and a beta of 1.07. The firm has a 50-day moving average price of GBX 326.58 and a 200 day moving average price of GBX 295.32.

Hunting announced that its board has approved a share repurchase plan on Thursday, August 28th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to purchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Margaret Amos bought 3,007 shares of the company's stock in a transaction on Wednesday, September 24th. The shares were bought at an average price of GBX 332 per share, with a total value of £9,983.24. 3.19% of the stock is owned by company insiders.

About Hunting

Hunting is a global precision engineering group, which provides quality-assured products and services for the energy, aviation, commercial space, defence, medical, and power generation sectors. Our strong focus on quality assured products, supported by rigorous health and safety procedures, ensures we assist in the delivery of energy safely and it is also the basis of our standing in this critical, global industry. Our intellectual property portfolio enables the Hunting Group to maintain a leading technology edge, so that energy projects are delivered quicker and at lower cost with minimal impact on the environment. Our people are our most important asset.

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