Canaccord Genuity Group Issues Positive Forecast for Harbour Energy (LON:HBR) Stock Price

Key Points

• Canaccord Genuity Group has increased its price target for Harbour Energy from GBX 275 ($3.70) to GBX 285 ($3.83), indicating a potential upside of 24.88% from the company's previous close.
• Harbour Energy has initiated a stock buyback plan, suggesting that the board believes the stock is currently undervalued.
• Insider transactions include purchases by Belgacem Chariag and Alexander Krane, indicating strong insider confidence with insiders owning 64.08% of the company's stock.

Harbour Energy (LON:HBR - Get Free Report) had its price objective increased by Canaccord Genuity Group from GBX 275 ($3.70) to GBX 285 ($3.83) in a note issued to investors on Friday, Marketbeat reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 25.44% from the company's current price.

Separately, Shore Capital reaffirmed a "no recommendation" rating on shares of Harbour Energy in a research note on Thursday.

Harbour Energy Price Performance

HBR traded up GBX 4.80 ($0.06) on Friday, reaching GBX 227.20 ($3.06). The company had a trading volume of 30,241,490 shares, compared to its average volume of 7,667,390. The business has a 50 day simple moving average of GBX 200.41 and a 200 day simple moving average of GBX 196.84. The company has a market cap of £4.08 billion, a price-to-earnings ratio of 71.44, a P/E/G ratio of 0.04 and a beta of -0.23. The company has a debt-to-equity ratio of 76.75, a quick ratio of 0.33 and a current ratio of 0.82. Harbour Energy has a 52-week low of GBX 146.40 ($1.97) and a 52-week high of GBX 308.90 ($4.15).

Harbour Energy announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 7th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Belgacem Chariag bought 20,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was acquired at an average price of GBX 178 ($2.39) per share, with a total value of £35,600 ($47,881.64). Also, insider Alexander Krane purchased 9,644 shares of Harbour Energy stock in a transaction on Tuesday, May 27th. The shares were acquired at an average price of GBX 179 ($2.41) per share, for a total transaction of £17,262.76 ($23,218.24). Company insiders own 64.08% of the company's stock.

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.