Harbour Energy (LON:HBR) Trading Down 0.7% - Time to Sell?

Key Points

• Shares of Harbour Energy plc fell by 0.7% on Monday, closing at GBX 226.40 ($3.07), with trading volume declining by 71% from its average.
• Analysts have set varying price targets for the stock, with one analyst rating it as a Buy and another as Hold, leading to an average price target of GBX 252.50.
• The company's Board of Directors approved a share repurchase program, which typically signals that the management believes its stock is undervalued.

Shares of Harbour Energy plc (LON:HBR - Get Free Report) dropped 0.7% on Monday . The stock traded as low as GBX 224.80 ($3.05) and last traded at GBX 226.40 ($3.07). Approximately 2,169,645 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 7,374,834 shares. The stock had previously closed at GBX 228 ($3.09).

Analysts Set New Price Targets

HBR has been the subject of several recent analyst reports. Berenberg Bank boosted their price target on Harbour Energy from GBX 200 to GBX 220 and gave the stock a "hold" rating in a research note on Friday, August 8th. Shore Capital reissued a "no recommendation" rating on shares of Harbour Energy in a report on Thursday, August 7th. Finally, Canaccord Genuity Group increased their target price on Harbour Energy from GBX 275 to GBX 285 and gave the company a "buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of GBX 252.50.

Harbour Energy Stock Performance

The company has a debt-to-equity ratio of 76.75, a current ratio of 0.82 and a quick ratio of 0.33. The business has a 50-day simple moving average of GBX 210.21 and a 200 day simple moving average of GBX 195.42. The firm has a market cap of £3.24 billion, a PE ratio of -2,264.00, a PEG ratio of 0.04 and a beta of -0.23.

Harbour Energy announced that its Board of Directors has approved a share repurchase program on Thursday, August 7th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership 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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