Share Buyback Program Authorized by Harbour Energy (LON:HBR) Board of Directors

Harbour Energy (LON:HBR) announced that its Board of Directors has approved 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 allows the company to purchase up to 2.8% of its stock through open market purchases. Share buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently commented on HBR. JPMorgan Chase & Co. increased their price objective on shares of Harbour Energy from GBX 260 to GBX 280 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Berenberg Bank restated a “hold” rating and issued a GBX 245 price objective on shares of Harbour Energy in a report 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of GBX 311.

Harbour Energy Stock Down 4.3%

Shares of Harbour Energy stock traded down GBX 12 on Thursday, reaching GBX 268. 174,037,859 shares of the company were exchanged, compared to its average volume of 23,654,104. Harbour Energy has a one year low of GBX 182 and a one year high of GBX 321. The company has a market capitalization of £4.01 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 0.04 and a beta of -0.23. The company has a current ratio of 0.70, a quick ratio of 0.33 and a debt-to-equity ratio of 166.66. The company has a 50-day moving average of GBX 279.32 and a 200 day moving average of GBX 262.77.

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.