Harbour Energy (LON:HBR) Stock Price Up 0.9% - Here's What Happened

Key Points

• Shares of Harbour Energy plc rose by 0.9% to close at GBX 211.80 ($2.86) on Tuesday, despite trading volume decreasing significantly by 60% from the average.
• Analysts have varying ratings for Harbour Energy, with Berenberg Bank and Canaccord Genuity raising their target prices, resulting in a consensus rating of "Moderate Buy" and an average target price of GBX 267.67.
• Harbour Energy's board has initiated a stock repurchase program, indicating confidence that the stock is undervalued, while the company's market cap stands at £3.02 billion.

Shares of Harbour Energy plc (LON:HBR - Get Free Report) rose 0.9% on Tuesday . The company traded as high as GBX 213.80 ($2.89) and last traded at GBX 211.80 ($2.86). Approximately 3,236,405 shares were traded during trading, a decline of 60% from the average daily volume of 8,144,440 shares. The stock had previously closed at GBX 210 ($2.84).

Analyst Ratings Changes

HBR has been the topic of a number of research analyst reports. Shore Capital reiterated a "no recommendation" rating on shares of Harbour Energy in a report on Thursday, August 7th. Berenberg Bank boosted their target price on Harbour Energy from GBX 200 to GBX 220 and gave the company a "hold" rating in a research note on Friday, August 8th. Canaccord Genuity Group boosted their target price on Harbour Energy from GBX 275 to GBX 285 and gave the company a "buy" rating in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. started coverage on Harbour Energy in a research note on Tuesday, September 2nd. They issued an "overweight" rating and a GBX 298 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Harbour Energy presently has a consensus rating of "Moderate Buy" and an average target price of GBX 267.67.

Harbour Energy Stock Performance

The company has a market cap of £3.02 billion, a P/E ratio of -720.34, a P/E/G ratio of 0.04 and a beta of -0.23. The firm has a 50 day moving average price of GBX 216.44 and a 200-day moving average price of GBX 195.22. 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 announced that its board has initiated a stock repurchase program on Thursday, August 7th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its stock is undervalued.

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.

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