Hunting (LON:HTG) Stock Passes Above Two Hundred Day Moving Average - Here's Why

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.

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 ($3.93) and traded as high as GBX 335 ($4.56). Hunting shares last traded at GBX 333.50 ($4.54), with a volume of 314,843 shares.

Analysts Set New Price Targets

A number of brokerages have issued reports on HTG. Berenberg Bank reaffirmed a "buy" rating and set a GBX 465 price target on shares of Hunting in a report on Thursday, August 28th. Canaccord Genuity Group reaffirmed a "buy" rating and set a GBX 600 price target on shares of Hunting in a report on Wednesday, July 9th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a GBX 440 price target on shares of Hunting in a report on Tuesday, September 2nd. Finally, Collins Stewart reaffirmed a "buy" rating and set a GBX 600 price target on shares of Hunting in a report on Thursday, August 28th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of GBX 526.25.

Hunting Price Performance

The company has a current ratio of 2.69, a quick ratio of 2.08 and a debt-to-equity ratio of 11.64. The firm has a market capitalization of £513.21 million, a PE ratio of -1,537.74, a P/E/G ratio of 1.06 and a beta of 1.07. The company has a fifty day moving average price of GBX 316.55 and a two-hundred day moving average price of GBX 289.21.

Hunting announced that its board has authorized a stock buyback plan on Thursday, August 28th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board 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.