Harbour Energy (LON:HBR) Shares Cross Below 50-Day Moving Average – Time to Sell?

Harbour Energy plc (LON:HBR)’s share price passed below its 50 day moving average during trading on Thursday. The stock has a 50 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 trading hands.

Wall Street Analyst Weigh In

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

Harbour Energy Stock Down 1.9%

The company has a debt-to-equity ratio of 166.66, a current ratio of 0.70 and a quick ratio of 0.33. The firm’s 50-day simple moving average is GBX 279.58 and its two-hundred day simple moving average is GBX 263.01. The company has a market capitalization of £3.91 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 0.04 and a beta of -0.23.

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