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Hurricane Energy expected to outperform, says Barclays

The broker expects the shares to outperform, as the AIM-listed oiler does not rely on a rising commodity price to support investment plans or bolster its share price valuation

Hurricane Energy PLC - Hurricane Energy expected to outperform, says Barclays
Barclays' view on the sector as a whole was revised from “neutral” to “positive”

Barclays has upgraded Hurricane Energy PLC (LON:HUR) to 'overweight', despite a challenging outlook in the European exploration and production energy sector.

The broker expects the shares to do well as the AIM-listed oiler does not rely on a rising commodity price to support investment plans or bolster its share price valuation.

READ: Hurricane Energy spuds Warwick West well

Barclays' view on the sector as a whole was revised from 'neutral' to 'positive' as it predicts the Brent crude price will continue to oscillate around US$60 per barrel.

Hurricane’s shares dipped over the summer from a high of 60.8p at the end of May due to disappointing results at the Warwick Deep well, which did not flow at commercial rates.

The price regained momentum after production started at the Lincoln and Lancaster projects, bringing in the first revenues as seen in the half-year results published in September.

Reacting to the recent share price fall, Barclays' price target has been reduced to 55p from 75p previously.

Shares were up 1.65% to 39.44p at noon.

Quick facts: Hurricane Energy PLC

Price: 42.9 GBX

LSE:HUR
Market: LSE
Market Cap: £853.81 m
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Investor Update: Hurricane Energy produces oil to surface at its Lincoln...

Headlines from the Proactive UK newsroom. Hurricane Energy PLC (LON:HUR) has confirmed that it has struck oil at its Lincoln Crestal well off the west coast of the Shetland Islands. The group said a drill stem test on the well produced oil to surface, resulting in a flare. Touchstone...

on 9/9/19

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