Shares in energy services provider, Hunting PLC (LSE:HTG), surged 18.36% after it reported first half revenues of $336.1mln, up from $277.2mln in the second half of 2021, and $244.4mln in the same period a year ago.
The London-listed firm said its gross profit was $75.8mln for the six months ended 30 June, rising from $44mln year-on-year, while its swung to a profit from operations of $1.7mln, from a $26.5mln loss at the same time last year.
Chief executive officer Jim Johnson said "The second half of the year is expected to see further improvement in earnings, which is supported by our forward sales order book, which now exceeds the position seen in 2019, providing a positive outlook for the remainder of the year and into 2023.”
"Hunting Titan is likely to see further improvements to its trading results, supported by the increased drilling in North America, in addition to its growing international profile" he added.
Liberum raises Centamin price target
Centamin saw its shares rise by 1.75% to 95.14p as analysts at Liberum raised their price target on the company to 121p from 102p.
Reiterating its buy rating on the company Liberum said its upside case now includes savings of up to $60mln arising from 'in-house' underground mining, solar generation and grid electricity.
The broker said it conservatively assume that 50% of the projected savings are lost to inflation, reducing unit costs by $42/oz in 2023 and by $64/oz from 2024 onwards.
Downgrades to follow Grafton Group results
Shares in building materials distributor and DIY retailer, Grafton PLC, fell 2.3% after the group reported a 3.6% fall in pre-tax profits to £143.4mln and analysts suggested profit forecasts would have to be lowered.
Analysts at Peel Hunt said trading post the interims “has seen flat like for like performance, which likely implies double digit volume declines, in our view.”
“The UK saw a weak July trading period, not helped by the record temperatures and pick-up in holidays.”
“The group is guiding for diluted operating profit to in-line with the current consensus of £267m (which sits 5% below our estimate).”
However, the broker cautioned that this is contingent on the September to November trading period seeing the usual pick-up in demand.
“Given the macro-economic headwinds that continue to build, the risk to to these numbers clearly sits to the downside” Peel Hunt concluded.
Harbour Energy powers ahead
Harbour Energy PLC (LSE:HBR) topped the FTSE 250 risers with shares surging 10% after it reported half year results.
Michael Hewson chief market analyst at CMC Markets UK noted that the group “last year the company managed to generate annual revenues of $3.48bn, while this year it expects that to rise to $5.18bn” adding “today’s first half numbers show that the company is well on course to achieve that goal with H1 revenues of $2.67bn, with profits after tax rising to $984m, up from $87m a year ago, helped in some part by the weakness of the pound.”
The bulk of its revenue came from crude oil to the tune of $1.54bn, followed by gas which increased from $395mln to $970mln, with $857mln of that revenue coming from its UK gas assets.
Analysts at Peel Hunt said the results showed a “strong operating and financial performance” and said upgrades to full year forecasts are highly likely.
They retained an add rating on the company with a 525p price target.