Want to see GB:HBR full AI Analyst Report?
Top Page
Harbour Energy
(LSE:HBR)
Select Model
Select Model
Rating:67Neutral
Price Target:
334.00 p
â–²(33.71% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong cash flow generation and improving balance sheet strength, reinforced by a highly upbeat earnings update with raised production/FCF guidance and stepped-up shareholder returns. The main offsets are recent net losses (negative P/E) and a weak-to-neutral technical setup with the share price below major moving averages.
Positive Factors
Strong cash generation
Robust operating cash flow and growing free cash flow provide Harbour with internal funding for development, debt reduction and shareholder distributions. This cash-generation capability strengthens resilience through the commodity cycle, although annual outcomes can still vary with prices, taxes and investment timing.
Negative Factors
Commodity-price dependence
Because revenue and cash flow depend on oil and European gas prices, a sustained decline in benchmarks could materially reduce free cash flow and weaken the basis for investment or distributions. This exposure remains structural for an upstream producer despite hedging and portfolio diversification.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Robust operating cash flow and growing free cash flow provide Harbour with internal funding for development, debt reduction and shareholder distributions. This cash-generation capability strengthens resilience through the commodity cycle, although annual outcomes can still vary with prices, taxes and investment timing.
Read all positive factors
Harbour Energy (HBR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£5.37B
Dividend Yield3.87%
Average Volume (3M)6.03M
Price to Earnings (P/E)23.8
Beta (1Y)0.66
Revenue Growth17.03%
EPS GrowthN/A
CountryUK
Employees2,846
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.17
Shares Outstanding1,502,008,200
10 Day Avg. Volume4,983,512
30 Day Avg. Volume6,031,000
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)1.06
Price to Sales (P/S)0.43
P/FCF Ratio2.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£349.00Price Target Upside39.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.7
Revenue Forecast (FY)£12.88B
Harbour Energy Business Overview & Revenue Model
Company Description
Harbour Energy plc functions as an independent oil and gas firm, specializing in the entire lifecycle of hydrocarbon assets – from their acquisition and exploration to their development and eventual production. The company manages an extensive por...
How the Company Makes Money
Harbour Energy makes money primarily by producing and selling hydrocarbons—crude oil, natural gas, and related liquids—from its upstream portfolio. Revenue is recognized from the sale of produced volumes to customers at prices that typically refer...
Harbour Energy Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 11, 2027
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance in H1 2026: record production, materially upgraded free cash flow and clear steps to accelerate shareholder returns while continuing to de-risk balance sheet and execute portfolio high-grading. Growth momentum in Norway, the U.S. (LLOG) and Argentina, plus disciplined CapEx guidance, underpin confidence. Key near-term headwinds include safety/process incidents to address, higher second-half cash taxes (timing), modestly higher unit costs (FX and LLOG integration) and reliance on elevated commodity prices. On balance, the highlights (production, cash generation, deleveraging, M&A and shareholder returns) outweigh the lowlights.Positive Updates
Record Production and Upgraded Guidance
Average production of 509,000 barrels per day in H1 2026 (510,000 bpd in July). Full-year 2026 production guidance lifted and set at 490,000–500,000 boe/d (lower end increased for the second time this year).
Negative Updates
Safety and Process Safety Incidents
Total recordable injury rate increased, driven primarily by a number of minor incidents in Norway. Process safety performance was impacted by events at onshore facilities in Mexico and at now-divested Indonesian assets; remediation and standardization actions are underway.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Production and Upgraded Guidance
Average production of 509,000 barrels per day in H1 2026 (510,000 bpd in July). Full-year 2026 production guidance lifted and set at 490,000–500,000 boe/d (lower end increased for the second time this year).
Read all positive updates
Company Guidance
Harbour raised its 2026 production guidance to 490–500 kboe/d (H1 averaged 509 kboe/d; July ~510 kboe/d) while keeping unit OpEx and CapEx guidance unchanged, and upgraded full‑year free cash flow to $1.8bn (from $1.4bn and $600m at the start of the year) on assumptions of ~$85/bbl Brent and ~$15/Mcf European gas; management noted FCF sensitivities of ~$170m per $5/bbl change in Brent and ~$150m per $1/Mcf change in gas. Key H1 metrics included operating cash flow $4.5bn, CapEx $1.0bn, cash taxes $1.5bn (H2 cash taxes expected ≈$2.4bn), unit operating cost $13.3/boe, net debt $5.4bn and leverage ~0.7x. Looking further ahead, Harbour expects 2027+ annual CapEx of $2.0–2.3bn to sustain 475–500 kboe/d through the decade and, under its 45–75% FCF distribution policy (minimum dividend $0.1610/share ≈ $300m), expects to return at least $800m to shareholders in 2026 (including the $150m interim dividend and a $250m buyback announced today).Harbour Energy Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.41B | 10.20B | 6.16B | 3.71B | 5.39B | 3.48B |
| Gross Profit | 4.90B | 4.06B | 2.54B | 1.34B | 2.54B | 1.03B |
| EBITDA | 7.77B | 6.70B | 3.31B | 2.32B | 4.21B | 1.91B |
| Net Income | 424.39M | -185.82M | -93.00M | 45.00M | 8.00M | 101.10M |
Balance Sheet | ||||||
| Total Assets | 32.19B | 29.10B | 30.32B | 9.90B | 12.57B | 14.50B |
| Cash, Cash Equivalents and Short-Term Investments | 1.64B | 1.33B | 830.00M | 286.00M | 524.00M | 702.00M |
| Total Debt | 7.67B | 870.32M | 6.02B | 1.28B | 2.06B | 3.54B |
| Total Liabilities | 25.54B | 24.92B | 24.07B | 8.36B | 11.54B | 14.03B |
| Stockholders Equity | 4.60B | 4.18B | 6.25B | 1.55B | 1.02B | 473.50M |
Cash Flow | ||||||
| Free Cash Flow | 1.97B | 1.85B | 293.00M | 1.34B | 2.52B | 1.00B |
| Operating Cash Flow | 3.37B | 3.31B | 1.61B | 2.14B | 3.13B | 1.61B |
| Investing Cash Flow | -4.25B | -1.96B | -2.28B | -693.00M | -628.60M | -571.00M |
| Financing Cash Flow | -235.64M | -1.27B | 1.23B | -1.67B | -2.67B | -787.20M |
Harbour Energy Technical Analysis
Positive
249.80
Price Trends
276.77
Positive
254.15
Positive
255.25
Positive
Market Momentum
9.35
Negative
69.27
Neutral
82.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HBR, the sentiment is Positive. The current price of 249.8 is below the 20-day moving average (MA) of 292.05, below the 50-day MA of 276.77, and below the 200-day MA of 255.25, indicating a bullish trend. The MACD of 9.35 indicates Negative momentum. The RSI at 69.27 is Neutral, neither overbought nor oversold. The STOCH value of 82.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:HBR.
Harbour Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £5.33B | 23.78 | 16.13% | 1.77% | 25.07% | 48.96% | |
72 Outperform | £762.79M | 1.68 | 64.44% | 7.78% | ― | ― | |
67 Neutral | £5.37B | 23.83 | 9.66% | 3.87% | 17.03% | ― | |
67 Neutral | £5.01B | 25.85 | 10.32% | 8.77% | 28.04% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | £1.37B | -8.58 | -114.52% | 8.02% | 8.94% | -196.02% |
* Energy Sector Average
GB:HBR
Harbour Energy
308.00
85.68
38.54%
GB:DEC
Diversified Energy Company
1,086.00
198.31
22.34%
GB:SEPL
SEPLAT Petroleum Development
888.00
610.55
220.06%
GB:ENOG
Energean
743.50
-167.08
-18.35%
GB:ITH
Ithaca Energy PLC
302.80
99.02
48.59%
Harbour Energy Corporate Events
Stock BuybackRegulatory Filings and Compliance
Harbour Energy Cuts Share Count as Buyback Programme Advances
Positive
Oct 20, 2026
Harbour Energy has continued executing its share buyback programme, purchasing and cancelling ordinary shares between 12 and 16 October 2026 across multiple trading venues. Following these transactions, the company’s total number of ordinary...
Stock BuybackRegulatory Filings and Compliance
Harbour Energy Cuts Share Count Further Under Ongoing Buyback
Positive
Oct 13, 2026
Harbour Energy has continued to execute its previously announced share buyback programme, purchasing and cancelling a further tranche of ordinary shares between 5 and 9 October across venues including AQXE, BATE, CHIX, XLON and TRQX. Following the...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Harbour Energy Cuts Share Count Further With Ongoing Buybacks
Positive
Oct 6, 2026
Harbour Energy has continued executing its previously announced share buyback programme, repurchasing and cancelling ordinary shares across multiple trading venues between 28 September and 2 October 2026. Following this latest tranche of purchases...
Business Operations and StrategyRegulatory Filings and Compliance
Harbour Energy Updates Share Capital After Employee Option Exercises
Neutral
Oct 1, 2026
Harbour Energy has issued 93,621 new ordinary shares during September to satisfy employee option exercises under its Save As You Earn scheme, with the new shares admitted to trading on the London Stock Exchange and treated the same as existing sto...
Stock BuybackRegulatory Filings and Compliance
Harbour Energy Cuts Share Count With Ongoing Buyback
Positive
Sep 29, 2026
Harbour Energy has continued executing its previously announced share buyback programme, purchasing and cancelling a series of ordinary shares between 21 and 25 September 2026 across multiple London trading venues. Following these transactions, th...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Harbour Energy Cancels $190 Million Share Buyback from BASF
Positive
Sep 24, 2026
Harbour Energy has completed an off-market repurchase of 53,000,000 ordinary shares from BASF for approximately $190 million, with the shares cancelled effective 24 September 2026. This transaction reduces the company’s share count to 1,512,...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Harbour Energy Reduces Share Count Through Ongoing Buyback Programme
Positive
Sep 22, 2026
Harbour Energy has continued to execute its previously announced share buyback programme, repurchasing and cancelling a series of ordinary shares between 14 and 18 September 2026 across multiple trading venues. Following these latest transactions,...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Harbour Energy Reduces Share Count Further Under Ongoing Buyback
Positive
Sep 15, 2026
Harbour Energy has continued executing its previously announced share buyback programme, purchasing and cancelling a series of ordinary shares between 7 and 11 September 2026 across multiple trading venues. The transactions, carried out via Barcla...
Business Operations and StrategyStock Buyback
Harbour Energy to Buy Back BASF Stake in $190m Off-Market Deal
Positive
Sep 11, 2026
Harbour Energy has agreed to an off-market purchase of 53 million ordinary shares from BASF at £2.66 per share, for total consideration of about $190 million. The transaction forms part of BASF’s wider offering to institutional investor...
Business Operations and StrategyStock Buyback
Harbour Energy to Buy Back $200 Million of Shares in BASF Selldown
Positive
Sep 10, 2026
Harbour Energy has agreed to purchase approximately $200 million of its ordinary shares off-market from BASF, matching the price set in BASF’s accelerated bookbuild offering to institutional investors and contingent on that offering’s ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Harbour Energy Tightens Free Float with Latest Share Buybacks
Positive
Sep 8, 2026
Harbour Energy PLC, a U.K.-listed oil and gas exploration and production company, is actively managing its capital structure through a share buyback programme. Its ordinary shares are traded across London and related venues, and changes in its iss...
Business Operations and StrategyStock BuybackFinancial Disclosures
Harbour Energy Cuts Share Count With Ongoing Buyback
Positive
Sep 2, 2026
Harbour Energy has continued to execute the share buyback programme it launched in early August, purchasing and cancelling ordinary shares across several trading venues between 24 and 28 August 2026. The purchases, made at prices largely in the mi...
Business Operations and StrategyRegulatory Filings and Compliance
Harbour Energy Updates Share Capital After Employee Option Issuance
Neutral
Sep 1, 2026
Harbour Energy issued 23,353 new ordinary shares in August under its Save As You Earn employee option scheme, with the shares admitted to trading in London and fungible with its existing stock. Following this issuance, the company’s total sh...
Executive/Board Changes
Harbour Energy Brings Back Simon Henry as Senior Independent Director
Positive
Aug 26, 2026
Harbour Energy has appointed Simon Henry as an Independent Non-Executive Director and Senior Independent Director, effective 1 September 2026. The move returns Henry to Harbour’s board after his previous tenure in the same roles from April 2...
Business Operations and StrategyStock BuybackFinancial Disclosures
Harbour Energy Advances Buyback as Share Count Falls
Positive
Aug 25, 2026
Harbour Energy has continued its share buyback programme, repurchasing and cancelling a series of ordinary shares between 17 and 21 August 2026 across multiple trading venues at prices generally in the mid-£2.50s. Following these transactions...
Stock BuybackRegulatory Filings and Compliance
Harbour Energy Advances Buyback, Cuts Share Count to 1.58 Billion
Positive
Aug 18, 2026
Harbour Energy has continued its recently announced share buyback programme, purchasing and cancelling a series of tranches of ordinary shares between 10 and 14 August 2026 across multiple trading venues at volume‑weighted average prices aro...
DividendsFinancial Disclosures
Harbour Energy Sets Sterling Value and Options for $150 Million Interim Dividend
Positive
Aug 17, 2026
Harbour Energy has confirmed the sterling value of its proposed interim dividend of $150 million, equal to 8.05 US cents per share, for the half year to 30 June 2026. Based on an exchange rate of 1.3555 GBP/USD as of the record date, shareholders ...
Business Operations and StrategyStock Buyback
Harbour Energy Cuts Share Count with Latest Buyback Round
Positive
Aug 11, 2026
Harbour Energy has continued executing its newly announced share buyback programme, repurchasing and cancelling a total of 1,120,000 ordinary shares, including purchases made between 6 and 7 August 2026 across multiple trading venues at prices aro...
Business Operations and StrategyStock Buyback
Harbour Energy Launches $250 Million Share Buyback Programme
Positive
Aug 6, 2026
Harbour Energy has launched a share buyback programme of up to $250 million in ordinary shares, with all repurchased stock to be cancelled in order to reduce the company’s share capital. The buyback, run under an irrevocable, non-discretiona...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Harbour Energy lifts outlook on record output and launches $250m buyback
Positive
Aug 6, 2026
Harbour Energy reported record first-half production of 509,000 barrels of oil equivalent per day, supported by the LLOG U.S. acquisition and strong performance in Norway, and upgraded its full-year output guidance to 490,000–500,000 boepd. ...
Business Operations and StrategyRegulatory Filings and Compliance
Harbour Energy Updates Share Capital After Employee Option Exercises
Neutral
Aug 3, 2026
Harbour Energy has issued 81,621 new ordinary shares to satisfy employee option exercises under its Save As You Earn scheme, with the new stock admitted to trading in line with its existing London-listed shares. The move modestly increases the com...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.