Hunting (LON:HTG) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Hunting PLC's stock price has recently surpassed its two hundred day moving average, trading at GBX 336.50 ($4.52) with analysts predicting significant growth.
• Several research institutions have set optimistic price targets for Hunting shares, with a consensus target of GBX 501 and most ratings categorized as "buy."
• The company has initiated a $40 million stock buyback plan, indicating confidence from the board in the stock's potential value appreciation.

Hunting PLC (LON:HTG - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of GBX 293.43 ($3.94) and traded as high as GBX 341 ($4.58). Hunting shares last traded at GBX 336.50 ($4.52), with a volume of 211,556 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Royal Bank Of Canada restated an "outperform" rating and issued a GBX 440 price target on shares of Hunting in a research report on Tuesday, September 2nd. Canaccord Genuity Group restated a "buy" rating and issued a GBX 600 price target on shares of Hunting in a research report on Wednesday, July 9th. Collins Stewart restated a "buy" rating and issued a GBX 600 price target on shares of Hunting in a research report on Thursday, August 28th. Jefferies Financial Group raised their price target on Hunting from GBX 350 to GBX 400 and gave the stock a "buy" rating in a research report on Tuesday, September 30th. Finally, Berenberg Bank restated a "buy" rating and issued a GBX 465 price target on shares of Hunting in a research report on Thursday, August 28th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of GBX 501.

Hunting Trading Down 0.7%

The company has a fifty day simple moving average of GBX 322.56 and a two-hundred day simple moving average of GBX 293.43. 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 stock has a market capitalization of £519.01 million, a P/E ratio of -1,575.94, a price-to-earnings-growth ratio of 1.06 and a beta of 1.07.

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

Insider Activity

In other news, insider Margaret Amos purchased 3,007 shares of the company's stock in a transaction on Wednesday, September 24th. The shares were purchased at an average price of GBX 332 per share, with a total value of £9,983.24. 3.19% of the stock is owned by corporate insiders.

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.

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