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Hunting promoted to the FTSE 250 is now official. This share will just keep getting better and better.
Yes results could be good as Q1 were and reflected by jump in SP in July .......only for there to be a retrace in Aug after the announcement of closure of plant in Holland and move to Dubai
Added all the way down to £2 and will lighten up in due course but not yet. The results will confirm the trajectory.
Patience paying off here. I said many months ago that CMD was going to have a positive impact. Management realised that they need to do more to get interest in the company. Message from CMD is a good start
£4 by end of year.
Quite happy for slow +ve progress with sp. Managed to get in initially at 220 and would like to keep adding as believe there is value here, free of ramping and yet to be discovered by the herd.
AIMHO GLA
Barclays seems keen - the market will soon catch up.
One day when least expected it will pop.
With Barclays and RBC targets >400p hopefully will sail through 300p on back of continued growth in energy demand and pricing. The 50 day ma moving in +ve direction but volume needs to move up. Perhaps todays capital markets presentations will generate wider interest.
AIMHO GLA
This seems not followed by many but what a great share to trade - expect it to be over £3 and more. GL all. DYOR.
If you look at the share trades almost every sale up until 12:45 was an Automatic Execution, and almost every purchase was an Ordinary trade. So computers are selling and people are buying.
And of even more significance the profit margin increased to a healthy level.
Adjusted operating profit margin****
H1 2023 -- 5% -------- H1 2022 -- 1%
**** Adjusted operating profit as a percentage of revenue.
"Shares fell by 7% in early trading, as its order book came at the lower end of its outlook range of $530-$550 million."
Sales order book
H1 2023 529.7$m ----- H1 2022 325.9$m --- Diff = +63%
So they missed their target by a mere 0.3$m, but achieved a 63% increase on last year!
Operating profit
H1 2023 26.2$m ----- H1 2022 1.7$m --- Diff = +1,441%
The Operating profit increase wasn't bad either.
(Reuters)
Hunting's core profit for six months ended June 30 rose 106% to $48.7 million, aided by strong sales order books across business units including the key North America segment. It sees a similar performance in the second half.
RBC in a note said "We see these initiatives as part of management's push to increase efficiencies, margins and returns; costs are expected to be $3-5m, with efficiencies coming through from next year."
Hunting reported first-half core profit that more than doubled on Thursday and announced plans to slim down its non-core assets as the British oil and gas services firm aims to expand its presence in the energy transition markets.
Shares fell by 7% in early trading, as its order book came at the lower end of its outlook range of $530-$550 million.
Hunting (LON:HTG), which counts Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) among its clients, said it would transfer its manufacturing and assembly operations of its main well testing site to Dubai from the Netherlands, and close its Oklahoma City operating site, among other measures.
I too, thought that the results were quite good, and would have expected the sp to rise rather than fall this morning.
I've been out for a while and waiting to see 200 or below to re-enter. After this mornings RNS I did think that was a pipe dream. Really not sure why the SP has dropped. Looked like good results to me? Anyone have any idea?
Expecting it to trade towards £3 and above as the expectionation firm.
By the way I don't think that it was Benjamin Franklin who said 'nurses'.
And in my day nurses
"Nothing is certain in the world"
Benjamin Franklin would seem to disagree wit you Stumpy.
He is credited with saying 'Nothing is certain but death and taxes'.
Having said that I did sell 10,000 shares to capture the risk of downside to the 202/203 area.
Just been looking at the chart more closely and 304 or above looks quite likely in the absence of news (either company or sector specific or just a shock to the general markets)
Sharecast News) - Berenberg upgraded Hunting on Thursday to 'buy' from 'hold' as it pointed to an attractive valuation and strong international sales.
The bank, which upped its price target to 345p from 325p, said the pullback in the shares since March is overdone, with the stock now trading on FY 2023/24 EV/EBITDA of 4.4x/4x respectively, well below historical averages.
"This attractive valuation, along with strong international sales and the positive working capital messaging, underpins our upgrade to buy," it said.
Berenberg noted that Hunting released a positive first-half trading update on 6 July, in which it raised its 2023 EBITDA guidance and issued 2024 guidance significantly above consensus.
"Robust sales from its North American segment into South America helped drive the upgrade, along with recent order wins in AsiaPacific (APAC)," it said. "This helps to underpin visibility into 2024 and further builds the backlog, up circa 14% since 2022."
The bank said its downgrade to 'hold' in March was driven by a falling US rig count that has continued to soften, down 99 rigs year-to-date to 680.
"Despite this, the Titan division is expected to report stable operating profits during H1 and the latest version of the company's perforating gun (the H-4) is expected to support revenue and margins when released in H2," it said.
"The company expects its balance sheet to move into a marginal net-cash position by end-2023 as working capital balances begin to unwind as large projects complete."
At 1005 BST, the shares were up 4% at 271p.
A beautiful thing picking these shares up around 200 a few weeks ago
Been riding this up from sub £2 and lightening up with the rises to create a low average cost LT holding and the opportunity to rebuy lower if that happens.
Shares to not go one way up or down so add trim is what I prefer to do until the average cost is crazy low.
HTG firing well and expect £3+++ at some point as it moves quickly.
Not a recommendation of course but when it works it really works.
GL all.
MSM, so far I'm wrong this time round and very happy to be wrong as I retain the bulk of my positions. Still worth being aware of the downside risk. If there was a turn, the areas I highlighted remain worth considering, but I think now we'd need some negative news company specific (a rush to expand; ie a need for more cash? No idea, but something) or a big change in the their market. Clearly this mornings announcement has been well received. Worth looking at CCL, that doubled over a small number of weeks and looked unstoppable. It's currently easing off with no company specific news, just the general realisation that the pent up demand is still not leading to profit and without profit, they will struggle at some point. Nothing is certain in the world, but so far I'm wrong. I had hoped to get the drop to clear up what I view as a technical risk, before buying back again. Don't lose track of that downside gap.