Hunting (LON:HTG) Shares Down 16.1% Following Analyst Downgrade

Shares of Hunting PLC (LON:HTG) traded down 16.1% on Tuesday after Berenberg Bank lowered their price target on the stock from GBX 520 to GBX 460. Berenberg Bank currently has a buy rating on the stock. Hunting traded as low as GBX 301.84 ($3.92) and last traded at GBX 312.99 ($4.06). 1,885,147 shares changed hands during mid-day trading, an increase of 267% from the average session volume of 514,166 shares. The stock had previously closed at GBX 373 ($4.84).

Separately, Canaccord Genuity Group reissued a “buy” rating and issued a GBX 600 ($7.79) price target on shares of Hunting in a research note on Thursday, August 29th.

Hunting Stock Performance

The stock has a 50 day moving average price of GBX 399.71 and a two-hundred day moving average price of GBX 400.86. The company has a current ratio of 2.69, a quick ratio of 2.08 and a debt-to-equity ratio of 11.60. The company has a market cap of £489.30 million, a price-to-earnings ratio of 510.83, a P/E/G ratio of 1.06 and a beta of 1.07.

Hunting Increases Dividend

The company also recently disclosed a dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, October 3rd will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a dividend yield of 0.97%. This is a boost from Hunting’s previous dividend of $0.05. Hunting’s dividend payout ratio is currently 1,333.33%.

Hunting Company Profile

Hunting PLC, together with its subsidiaries, manufactures components, technology systems, and precision parts worldwide. It operates in five segments: Hunting Titan; North America; Subsea Technologies; EMEA; and Asia Pacific. The company designs and manufactures perforating systems, energetics, instrumentation, and associated hardware; connection technology and OCTG; subsea technologies; supplies highly engineered tubular components, hollow rotating shafts, very accurate deep hole drilling, plus complex turned, and milled profiles; well intervention equipment; and well test and process systems.