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Harbour Energy
(LSE:HBR)
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Rating:67Neutral
Price Target:
291.00 p
▲(16.49% 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
Substantial operating and free cash flow gives Harbour the internal funding to maintain assets, invest in production, reduce debt and support shareholder distributions. Although commodity cycles can cause variability, this cash-generation capability strengthens financial flexibility over the next several quarters.
Negative Factors
Commodity-price dependence
Harbour’s upstream model leaves cash generation heavily exposed to oil and European gas prices, which can move independently of production execution. A weaker commodity environment would reduce free cash flow, constrain distributions and potentially slow deleveraging or development investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Substantial operating and free cash flow gives Harbour the internal funding to maintain assets, invest in production, reduce debt and support shareholder distributions. Although commodity cycles can cause variability, this cash-generation capability strengthens financial flexibility over the next several quarters.
Read all positive factors
Harbour Energy (HBR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.70B
Dividend Yield4.53%
Average Volume (3M)5.06M
Price to Earnings (P/E)20.2
Beta (1Y)0.71
Revenue Growth17.03%
EPS GrowthN/A
CountryUK
Employees2,846
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.17
Shares Outstanding1,574,386,700
10 Day Avg. Volume3,840,907
30 Day Avg. Volume5,064,798
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
£324.00Price Target Upside29.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.6
Revenue Forecast (FY)£12.34B
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 associated liquids) from its operated and non-operated fields. Revenue is generated when produced volumes are sold to buyers at prevailing mark...
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 | 6.30B | 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
236.82
Positive
250.87
Positive
238.14
Positive
Market Momentum
5.47
Negative
61.88
Neutral
69.97
Neutral
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 253.59, above the 50-day MA of 236.82, and above the 200-day MA of 238.14, indicating a bullish trend. The MACD of 5.47 indicates Negative momentum. The RSI at 61.88 is Neutral, neither overbought nor oversold. The STOCH value of 69.97 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | £800.54M | 1.80 | 64.44% | 7.61% | ― | ― | |
72 Outperform | £4.37B | 19.68 | 16.13% | 2.05% | 44.51% | 104.04% | |
67 Neutral | £4.70B | 20.22 | 9.66% | 4.53% | 17.03% | ― | |
67 Neutral | £1.02B | -1,003.27 | -0.62% | 6.07% | 64.39% | 97.39% | |
67 Neutral | £4.51B | 23.53 | 10.32% | 0.10% | 28.04% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
53 Neutral | £1.44B | -7.46 | -65.36% | 9.39% | 27.35% | -228.25% |
* Energy Sector Average
GB:HBR
Harbour Energy
263.00
50.42
23.72%
GB:DEC
Diversified Energy Company
1,110.00
35.18
3.27%
GB:SEPL
SEPLAT Petroleum Development
733.00
494.24
207.00%
GB:SQZ
Serica Energy
263.40
98.44
59.68%
GB:ENOG
Energean
790.00
-55.70
-6.59%
GB:ITH
Ithaca Energy PLC
274.80
108.55
65.29%
Harbour Energy Corporate Events
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...
Business Operations and StrategyM&A Transactions
Harbour Energy Closes $163 Million Acquisition of Waldorf’s UK Subsidiaries
Positive
Jul 10, 2026
Harbour Energy has completed the $163 million acquisition of substantially all UK subsidiaries of Waldorf Energy Partners and Waldorf Production, following receipt of regulatory approvals and settlement of creditors’ claims against the acqui...
Other
Associated Investor Sells Large Stake in Harbour Energy
Negative
Jul 7, 2026
Potomac View Investments, L.P., which is closely associated with Harbour Energy Chairman R. Blair Thomas, has executed a major disposal of ordinary shares in the UK-listed oil and gas producer. Harbour Energy plc, whose ordinary shares trade on th...
Private Placements and FinancingRegulatory Filings and Compliance
Harbour Energy Updates Share Capital After Employee Option Exercises
Neutral
Jul 1, 2026
Harbour Energy has issued 436,432 new ordinary shares during June 2026 to satisfy employee option exercises under its Save As You Earn scheme, with the shares admitted to trading on the London Stock Exchange and fungible with its existing stock. F...
Business Operations and StrategyExecutive/Board Changes
Harbour Energy Reduces BASF Board Representation After Stake Falls Below 25%
Neutral
Jun 9, 2026
Harbour Energy has announced a change to its board following a reduction in the shareholding of major investor BASF, whose stake has fallen below 25 per cent. Under an existing relationship agreement, BASF’s right to nominate directors has d...
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.