Barclays slashes Hunting stock to Equalweight, raises target By Investing.com

On Wednesday, Barclays adjusted its stance on Hunting Plc (LSE:HTG) (OTC:HNTIF), shifting the rating from Overweight to Equalweight. Alongside the downgrade, the firm also increased the price target for the energy services company to GBP5.00, up from the previous GBP4.30.

The revision in the stock’s rating reflects a tempered outlook for Hunting’s business prospects. According to Barclays, while the company’s offshore and international operations have shown growth, the anticipated rebound in Hunting’s US business, which was expected to be spurred by gas demand, now appears unlikely to materialize in the second half of 2024.

The new price target of GBP5.00 represents a modest increase from the former target, suggesting that Barclays acknowledges some positive developments in Hunting’s performance. However, the firm indicates that the potential for significant stock appreciation is limited when compared to other opportunities in the market.

Barclays’ updated price target is based on the latest assessment of Hunting’s business trajectory. The firm’s analysis points to a shift in the energy services sector, with specific reference to the performance of Hunting’s various regional operations.

The change in rating from Overweight to Equalweight by Barclays signals a neutral position on the stock, implying that Hunting shares are expected to perform in line with the broader market or sector averages.

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