Canaccord Genuity Group Reiterates "Buy" Rating for Hunting (LON:HTG)

Key Points

• Canaccord Genuity Group reiterated a "Buy" rating on Hunting with a GBX 600 target price, implying about a 23.9% upside from the prior close.
• Analyst sentiment is broadly positive—five analysts rate Hunting as Buy with an average price target of GBX 536, and recent upgrades from RBC and Berenberg raised targets to GBX 500 and GBX 580 respectively.
• Hunting's board authorized a $40.00 million share buyback (up to about 5.3% of shares), while insider Bruce Ferguson sold 66,154 shares; insiders currently own ~3.4% of the company.

Hunting (LON:HTG - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Canaccord Genuity Group in a report released on Wednesday,Digital Look reports. They presently have a GBX 600 target price on the stock. Canaccord Genuity Group's target price suggests a potential upside of 23.88% from the stock's previous close.

HTG has been the subject of a number of other research reports. Royal Bank Of Canada increased their target price on shares of Hunting from GBX 440 to GBX 500 and gave the company an "outperform" rating in a research report on Tuesday, January 20th. Berenberg Bank raised their price objective on shares of Hunting from GBX 450 to GBX 580 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of GBX 536.

Hunting Stock Performance

LON:HTG opened at GBX 484.35 on Wednesday. The company has a market capitalization of £710.19 million, a PE ratio of 19.69, a P/E/G ratio of 1.06 and a beta of 0.72. The company has a 50 day simple moving average of GBX 496.25 and a two-hundred day simple moving average of GBX 415.70. The company has a debt-to-equity ratio of 13.38, a quick ratio of 2.08 and a current ratio of 2.97. Hunting has a fifty-two week low of GBX 245 and a fifty-two week high of GBX 553.

Hunting declared that its Board of Directors has initiated a share repurchase program on Thursday, March 5th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, insider Bruce Ferguson sold 66,154 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of GBX 507, for a total value of £335,400.78. 3.40% of the stock is currently owned by corporate insiders.

Hunting Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.