Hunting (LON:HTG) Share Price Crosses Above Two Hundred Day Moving Average on Analyst Downgrade

Key Points

• Hunting PLC's stock price surpassed its 200-day moving average after Jefferies Financial Group raised its price target from GBX 350 to GBX 400, contributing to a strong trading volume of 843,769 shares.
• Several research firms have given buy ratings on Hunting shares, with an average target price of GBX 498, indicating confidence in the stock's performance.
• The company's Board of Directors approved a $40 million stock buyback plan, suggesting that they believe the stock is currently undervalued.

Hunting PLC (LON:HTG - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Thursday after Jefferies Financial Group raised their price target on the stock from GBX 350 to GBX 400. The stock has a 200-day moving average of GBX 295.91 ($3.94) and traded as high as GBX 352 ($4.69). Jefferies Financial Group currently has a buy rating on the stock. Hunting shares last traded at GBX 349 ($4.65), with a volume of 843,769 shares traded.

Several other research firms have also recently weighed in on HTG. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a GBX 440 price target on shares of Hunting in a report on Tuesday, September 2nd. Berenberg Bank restated a "buy" rating and set a GBX 465 target price on shares of Hunting in a research report on Thursday, August 28th. Canaccord Genuity Group restated a "buy" rating and issued a GBX 600 target price on shares of Hunting in a research note on Wednesday, July 9th. Finally, Collins Stewart reiterated a "buy" rating and set a GBX 600 price target on shares of Hunting in a research report on Thursday, August 28th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of GBX 498.

Insider Buying and Selling at Hunting

In other news, insider Margaret Amos acquired 3,007 shares of the firm's stock in a transaction that occurred on Wednesday, September 24th. The shares were bought at an average cost of GBX 332 per share, with a total value of £9,983.24. Corporate insiders own 3.19% of the company's stock.

Hunting Trading Up 6.1%

The firm's 50-day simple moving average is GBX 327.62 and its 200-day simple moving average is GBX 295.91. The company has a quick ratio of 2.08, a current ratio of 2.69 and a debt-to-equity ratio of 11.64. The firm has a market capitalization of £542.16 million, a PE ratio of -16.46, a price-to-earnings-growth ratio of 1.06 and a beta of 1.07.

Hunting announced that its Board of Directors has authorized a stock buyback plan on Thursday, August 28th that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

About Hunting

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.

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