JPMorgan Chase & Co. Initiates Coverage on Harbour Energy (LON:HBR)

Key Points

• JPMorgan Chase & Co. has initiated coverage on Harbour Energy (LON:HBR) with an "overweight" rating and a price target of GBX 298, indicating a potential upside of 30.13% from its previous close.
• Harbour Energy's recent stock performance includes a 12-month high of GBX 297.20 and a market cap of £3.28 billion, while it also has a debt-to-equity ratio of 76.75.
• The company has authorized a share repurchase program, signifying management's belief that its stock may be undervalued.

Equities researchers at JPMorgan Chase & Co. began coverage on shares of Harbour Energy (LON:HBR - Get Free Report) in a report released on Tuesday,London Stock Exchange reports. The firm set an "overweight" rating and a GBX 298 price target on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 30.13% from the stock's previous close.

HBR has been the topic of several other reports. Berenberg Bank upped 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 reaffirmed a "no recommendation" rating on shares of Harbour Energy in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group upped their price target on Harbour Energy from GBX 275 to GBX 285 and gave the stock a "buy" rating in a research note on Friday, August 8th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Harbour Energy presently has a consensus rating of "Moderate Buy" and an average target price of GBX 267.67.

Harbour Energy Price Performance

Shares of HBR stock opened at GBX 229 on Tuesday. The stock has a market cap of £3.28 billion, a price-to-earnings ratio of -2,290.00, a PEG ratio of 0.04 and a beta of -0.23. The business's fifty day moving average is GBX 210.21 and its 200 day moving average is GBX 195.42. Harbour Energy has a twelve month low of GBX 146.40 and a twelve month high of GBX 297.20. The company has a quick ratio of 0.33, a current ratio of 0.82 and a debt-to-equity ratio of 76.75.

Harbour Energy announced that its board has approved a share repurchase program on Thursday, August 7th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

About Harbour Energy

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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