Hurricane Energy (LON:HUR) Stock Crosses Below Fifty Day Moving Average of $8.96

Hurricane Energy plc (LON:HURGet Rating)’s share price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of GBX 8.96 ($0.11) and traded as low as GBX 6.77 ($0.08). Hurricane Energy shares last traded at GBX 6.80 ($0.08), with a volume of 19,029,413 shares.

Several research firms recently commented on HUR. Canaccord Genuity Group upgraded Hurricane Energy to a “hold” rating and boosted their target price for the stock from GBX 2.60 ($0.03) to GBX 9 ($0.11) in a research report on Thursday, April 7th. Canaccord Genuity Group upgraded Hurricane Energy from a “hold” rating to a “buy” rating in a report on Friday, June 10th. Analysts at Canaccord Genuity upgraded exploration and production firm Hurricane Energy from ‘hold’ to ‘speculative buy’ on Friday, stating the company had “weathered significant storms” that had nearly left it shipwrecked. Canaccord Genuity said Hurricane’s fortunes appeared to have changed, with winds “gentle” and the waves “calm”, while all the elements also appeared to be “responding kindly” to the company’s wishes. It is clear how this transition has come about; good operational management, continued better-than-expected P6 well productivity, very high levels of operational performance from the Aoka Mizu FPSO, and much-improved oil prices,” said Canaccord. It really needed convergence of all these to put Hurricane in its current position, where the company has rapidly pivoted from a potential existential threat to a much brighter future with growth options.

The stock has a market capitalization of £135.45 million and a PE ratio of 9.71. The company has a current ratio of 0.97, a quick ratio of 0.71 and a debt-to-equity ratio of 107.23. The stock has a 50 day moving average price of GBX 8.96 and a 200-day moving average price of GBX 7.26.

About Hurricane Energy (LON:HUR)

Hurricane Energy plc, together with its subsidiaries, discovers, appraises, and develops hydrocarbon resources from fractured basement reservoirs on the United Kingdom Continental Shelf, West of Shetland. Its producing oil fields located in Clair, Foinaven, and Schiehallion; licences focused on the Rona Ridge, a major NE-SW trending basement; and assets comprise Lancaster, Lincoln, Halifax, and Warwick.

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