Hunting (LON:HTG) Shares Cross Above 200 Day Moving Average - What's Next?

Key Points

• Hunting PLC's share price recently rose above its 200-day moving average of GBX 288.92, reaching a high of GBX 335 during trading.
• Analysts maintain a positive outlook, with multiple firms giving a buy rating and target prices ranging from GBX 440 to GBX 600.
• The company has initiated a $40 million share buyback plan, which represents about 6.1% of its shares, indicative of management's belief that the stock is undervalued.

Shares of Hunting PLC (LON:HTG - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 288.92 ($3.92) and traded as high as GBX 335 ($4.54). Hunting shares last traded at GBX 333.50 ($4.52), with a volume of 314,843 shares.

Wall Street Analysts Forecast Growth

Several research firms have commented on HTG. Berenberg Bank reissued a "buy" rating and set a GBX 465 price target on shares of Hunting in a research note on Thursday, August 28th. Royal Bank Of Canada reissued an "outperform" rating and set a GBX 440 price target on shares of Hunting in a research note on Tuesday, September 2nd. Collins Stewart reissued a "buy" rating and set a GBX 600 price target on shares of Hunting in a research note on Thursday, August 28th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a GBX 600 price target on shares of Hunting in a research note on Wednesday, July 9th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, Hunting has a consensus rating of "Buy" and an average price target of GBX 526.25.

Hunting Trading Down 0.8%

The company has a debt-to-equity ratio of 11.64, a current ratio of 2.69 and a quick ratio of 2.08. The firm's 50 day moving average is GBX 315.92 and its 200 day moving average is GBX 289.42. The company has a market capitalization of £517.93 million, a PE ratio of -1,551.89, a P/E/G ratio of 1.06 and a beta of 1.07.

Hunting declared that its Board of Directors has approved a stock repurchase program on Thursday, August 28th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Hunting Company Profile

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.