Hunting (LON:HTG) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Hunting PLC (LON:HTG) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 427.36 and traded as high as GBX 511. Hunting shares last traded at GBX 507, with a volume of 7,722,488 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on HTG shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a GBX 600 price objective on shares of Hunting in a research note on Wednesday, April 15th. Royal Bank Of Canada lifted their price objective on Hunting from GBX 440 to GBX 500 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Jefferies Financial Group reaffirmed a “hold” rating and issued a GBX 400 price objective on shares of Hunting in a research note on Thursday, April 16th. Finally, Berenberg Bank lifted their price objective on Hunting from GBX 450 to GBX 580 and gave the company a “buy” rating in a research note on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of GBX 536.

Hunting Price Performance

The stock has a market capitalization of £743.40 million, a price-to-earnings ratio of 20.61, a PEG ratio of 1.06 and a beta of 0.72. The company has a debt-to-equity ratio of 13.38, a quick ratio of 2.08 and a current ratio of 2.97. The company has a 50 day moving average of GBX 497.02 and a 200 day moving average of GBX 428.08.

Hunting declared that its board has approved a stock buyback program on Thursday, March 5th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Bruce Ferguson sold 66,154 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of GBX 507, for a total transaction of £335,400.78. 3.40% of the stock is owned by insiders.

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.