Harbour Energy PLC has fetched repeated backing from Stifel analysts on expectations for hefty buybacks over the coming years.
Following a strategy update and results, which showed taxes had wiped off the oil firm’s profit in 2024, Stifel reiterated a ‘buy’ rating and 483p share price target.
“We think the strategy update is more pertinent,” analysts said.
Aims for $2 billion to $4 billion in free cash flow cumulatively from 2025 to 2027 and $455 million in dividends annually were flagged, alongside targets to cut debt by up to $1 billion.
Plans for buybacks were also highlighted, which Stifel estimated could see an additional $0.5 billion to $1 billion returned to shareholders over the next three years.
Harbour Energy shares tumbled on Thursday though, by 9.1% to 194.45p, after news losses had widened from $45 million to $93 million last year.