Hunting (LON:HTG) Shares Down 8.9% - Here's Why

Key Points

• Hunting shares fell 8.9% to GBX 387.50, reaching an intraday low of GBX 344, while trading volume rose 68% above average.
• Despite the decline, analysts remain broadly positive: Canaccord Genuity and Berenberg reaffirmed Buy ratings with targets of GBX 600 and GBX 550, respectively. The consensus rating is Moderate Buy, with an average target of GBX 512.50.
• Company insiders continued buying shares, including Paula Harris’s purchase of 7,300 shares and Keith Lough’s purchase of 3,000 shares; insiders collectively own 3.75% of Hunting.

Hunting PLC (LON:HTG - Get Free Report)'s stock price was down 8.9% during trading on Wednesday. The stock traded as low as GBX 344 and last traded at GBX 387.50. 4,999,830 shares were traded during mid-day trading, an increase of 68% from the average session volume of 2,969,939 shares. The stock had previously closed at GBX 425.50.

Analysts Set New Price Targets

Several equities research analysts have weighed in on HTG shares. Canaccord Genuity Group reaffirmed a "buy" rating and set a GBX 600 price target on shares of Hunting in a research report on Wednesday. Berenberg Bank reissued a "buy" rating and issued a GBX 550 price objective on shares of Hunting in a report on Wednesday. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of GBX 512.50.

Hunting Stock Down 8.9%

The company has a debt-to-equity ratio of 16.50, a quick ratio of 2.08 and a current ratio of 3.15. The firm has a market cap of £561.81 million, a price-to-earnings ratio of 14.09, a PEG ratio of 1.06 and a beta of 0.69. The business's 50 day moving average price is GBX 404.16 and its 200 day moving average price is GBX 456.59.

Insiders Place Their Bets

In other news, insider Paula Harris acquired 7,300 shares of the business's stock in a transaction on Wednesday, August 26th. The stock was bought at an average price of GBX 392 per share, with a total value of £28,616. Also, insider Keith Lough acquired 3,000 shares of the business's stock in a transaction on Friday, August 21st. The stock was purchased at an average cost of GBX 414 per share, with a total value of £12,420. Corporate insiders own 3.75% of the company's stock.

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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