Harbour Energy (LON:HBR) to Repurchase $0.00 in Outstanding Shares

Key Points

• Harbour Energy's Board of Directors has authorized a stock buyback plan, but the company plans to repurchase $0.00 in shares, which may suggest a lack of funds or confidence to execute the buyback.
• Shore Capital has reiterated a "no recommendation" rating for Harbour Energy's shares, indicating uncertainty in the market regarding the stock's prospects.
• Insiders Belgacem Chariag and Alexander Krane have recently purchased several shares of Harbour Energy, a move that might signal confidence in the company's future despite the board's buyback inaction.

Harbour Energy (LON:HBR - Get Free Report) declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 7th, RTT News reports. The company plans to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Harbour Energy Price Performance

Shares of Harbour Energy stock traded up GBX 18.20 ($0.24) on Thursday, hitting GBX 222.40 ($2.99). 10,771,371 shares of the company traded hands, compared to its average volume of 7,518,876. Harbour Energy has a 12-month low of GBX 146.40 ($1.97) and a 12-month high of GBX 308.90 ($4.15). 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 company has a market cap of £3.99 billion, a P/E ratio of 69.93, a P/E/G ratio of 0.04 and a beta of -0.23. The firm's 50-day simple moving average is GBX 199.43 and its 200 day simple moving average is GBX 197.91.

Wall Street Analyst Weigh In

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

Insider Transactions at Harbour Energy

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 ($47,875.20). Also, insider Alexander Krane acquired 9,644 shares of the 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 ($23,215.12). 64.08% of the stock is currently owned by corporate insiders.

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.

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