Harbour Energy (LON:HBR) Trading Up 13.8% - Here's What Happened

Key Points

• Harbour Energy's shares surged 13.8% during trading on Thursday, reaching a high of GBX 246.25 ($3.29) after previously closing at GBX 204.20 ($2.73).
• Insider purchases included significant buys by Belgacem Chariag and Alexander Krane, indicating a strong insider confidence, with insiders owning 64.08% of the company's stock.
• Analysts from Shore Capital have restated a "no recommendation" rating on Harbour Energy, signaling uncertainty about future performance despite the recent rise in share price.

Harbour Energy plc (LON:HBR - Get Free Report)'s share price traded up 13.8% during trading on Thursday . The stock traded as high as GBX 246.25 ($3.31) and last traded at GBX 232.30 ($3.12). 72,265,203 shares traded hands during trading, an increase of 812% from the average session volume of 7,923,440 shares. The stock had previously closed at GBX 204.20 ($2.75).

Analyst Upgrades and Downgrades

Several research firms recently issued reports on HBR. Canaccord Genuity Group raised their price target on Harbour Energy from GBX 275 ($3.70) to GBX 285 ($3.83) and gave the stock a "buy" rating in a research report on Friday. Berenberg Bank boosted their price target on Harbour Energy from GBX 200 ($2.69) to GBX 220 ($2.96) and gave the stock a "hold" rating in a research note on Friday. Finally, Shore Capital reiterated a "no recommendation" rating on shares of Harbour Energy in a research report on Thursday.

Harbour Energy Price Performance

The company has a current ratio of 0.82, a quick ratio of 0.33 and a debt-to-equity ratio of 76.75. The stock has a market capitalization of £4.18 billion, a P/E ratio of 73.28, a price-to-earnings-growth ratio of 0.04 and a beta of -0.23. The stock has a 50 day moving average of GBX 200.41 and a 200-day moving average of GBX 196.29.

Harbour Energy announced that its Board of Directors has approved a share buyback program on Thursday, August 7th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Alexander Krane acquired 9,644 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was acquired at an average price of GBX 179 ($2.41) per share, with a total value of £17,262.76 ($23,208.87). Corporate 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.