Harbour Energy (LON:HBR) Stock Breaks Below Fifty Day Moving Average – Here’s Why

Harbour Energy plc (LON:HBR) passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of GBX 279.32 and traded as low as GBX 266.60. Harbour Energy shares last traded at GBX 268, with a volume of 174,037,859 shares traded.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Harbour Energy from GBX 260 to GBX 280 and gave the stock a “neutral” rating in a report on Monday, August 10th. Berenberg Bank reiterated a “hold” rating and issued a GBX 245 target price on shares of Harbour Energy in a research note on Thursday, August 6th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of GBX 311.

Harbour Energy Price Performance

The company has a quick ratio of 0.33, a current ratio of 0.70 and a debt-to-equity ratio of 166.66. The stock has a market cap of £3.93 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 0.04 and a beta of -0.23. The company’s 50-day moving average is GBX 279.32 and its 200-day moving average is GBX 262.77.

Harbour Energy announced that its board has authorized a share repurchase plan on Thursday, November 5th that authorizes the company to buy back £111.45 million in shares. This buyback authorization authorizes the company to purchase up to 2.8% of its shares through open market purchases. Share buyback plans are often a sign that the company’s management believes its shares are 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.