Hunting Share Price (HTG)

Just had to check I read that correctly. Barclays cuts Hunting from 550p to 600p.

It feels a little "toppy" but these boys are smarter than me so who am I to argue.

Today's fall worth noting. Management say no change to full year expectations.

Bought a few more.

Hunting plc's AGM update is reassuring and EBITDA progress consistent with prior guidance. We keep our fair value/share at 502p, with order book growth and more Subsea development as possible triggers for valuation change.

See/hear new ED note below (free access):

https://www.equitydevelopment.co.uk/research/solid-start-momentum-expected-to-build-from-q2

Jim Johnson (CEO) of Hunting PLC, the precision engineering group, presented the highlights of the company's Full Year results (ended 31st December 2025).

Hunting reported improved profitability for 2025 despite a small decline in revenue, supported by stronger margins and excellent cash generation. The company increased its dividend and said its balance sheet and order book leave it well positioned for future growth. Management expects earnings to continue rising in 2026 as it expands higher-margin businesses and executes on its 2030 Strategy. After a detailed financial report and review of each Product Group, Jim Johnson then answered a range of questions submitted by the viewing audience.

The full video has been divided into chapters, for ease of viewing, as below:

0:00:03 Introduction and investment proposition

0:05:31 Summary of Full Year highlights

0:16:44 Product Group review

0:23:06 Finance Report

0:27:52 Outlook

0:35:34 Questions & Answers

Link to full video: https://www.equitydevelopment.co.uk/research/hunting-fy-results-investor-presentation-video-9-march-2026

"Clear catalysts for further value accretion" - new research report (freely accessible) here: https://www.equitydevelopment.co.uk/research/clear-catalysts-for-further-value-accretion

Hunting has set out clear strategic goals over an extended time horizon. The company took tangible steps in 2025 towards their attainment, meeting guidance for the year at the same time. Subsea’s elevated potential is important for many reasons, and within this, the development of Organic Oil Recovery could be a significant value trigger. Sustained order book expansion can be a wider catalyst here also, and the current tender pipeline looks promising.

FY25 EBITDA up 7% to US$135.7m, in line with guidance: In meeting headline metrics flagged in its pre-close statement, Hunting confirmed a year of progress in profitability, further strong cash generation and M&A investment. Divisional and Product Group market conditions varied but elevated OCTG activity in H1 and self-generated gains in Perforating Systems and JVs were sufficient to deliver y-o-y EBITDA improvement.

M&A spend together with increased shareholder distributions (dividends and share buybacks) reduced the company-defined year-end cash position to US$63m. Management guidance for expected FY26 EBITDA of between US$145m-155m (midpoint +9% y-o-y) is unchanged.

Our estimates are set conservatively in the context of medium/longer-term aspirations and as noted above we can see clear catalysts for further growth towards the group’s 2030 targets. For now, our increased fair value estimate of 502p/share is set near current price levels.