Harbour Energy (LON:HBR) to Repurchase £111.45 million in Shares

Harbour Energy (LON:HBR) declared that its board has authorized a stock repurchase program on Thursday, November 5th, RTT News reports. The company plans to buy back £111.45 million in shares. This buyback authorization permits the company to purchase up to 2.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Berenberg Bank reaffirmed a “hold” rating and issued a GBX 245 target price on shares of Harbour Energy in a report on Thursday, August 6th. JPMorgan Chase & Co. lifted their price target on Harbour Energy from GBX 260 to GBX 280 and gave the stock a “neutral” rating in a report on Monday, August 10th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 311.

Harbour Energy Stock Performance

Shares of LON HBR traded down GBX 12 during midday trading on Thursday, hitting GBX 268. 174,037,859 shares of the company’s stock were exchanged, compared to its average volume of 23,654,104. 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 firm has a market capitalization of £4.01 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 0.04 and a beta of -0.23. Harbour Energy has a 12 month low of GBX 182 and a 12 month high of GBX 321. The company’s 50 day moving average price is GBX 279.32 and its 200 day moving average price is GBX 262.77.

Harbour Energy Company Profile

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.