Hurricane Energy share price: where next ahead of its H1 earnings?

The AIM-listed oil exploration and production company will unveil its half-year results on 11 September, with its new CEO taking the helm on the same date and facing an uphill battle against a challenging backdrop.

  • Hurricane Energy to unveil half-year (H1) results on 11 September
  • Barclays analysts slash price target in half amid challenging market conditions
  • Hurricane Energy progresses with offshore operations after Covid-19 restrictions eased
  • Brent crude close to falling below $40 a barrel benchmark

Hurricane Energy is set to unveil its H1 results on 11 September, with the troubled North Sea oil exploration and production company seeing increased pressure on its share price amid challenging market conditions due to Covid-19.

Following the publication of its H1 results, the AIM-listed company will also see its new CEO Antony Maris officially take the reigns from interim chief executive Beverley Smith.

The new boss certainly has his work cut out for him after the company’s drilling campaign at its Lancaster site failed to meet expectations earlier this year, but its board believes Maris is able to turn things around.

‘I am very pleased to report that Antony Maris has agreed to assume the chief executive role at Hurricane,’ Hurricane Energy chairman Steven McTiernan said. ‘His leadership record with entrepreneurial oil and gas companies, and importantly his technical experience and knowledge of the behaviour of fractured basement reservoirs, makes him the ideal candidate to lead Hurricane.’

‘The short transition period with Beverley Smith will allow their combined contribution to the ongoing technical review,’ he added.

Hurricane Energy is trading at 5p per share at the time of publication, with the stock down 85% year-to-date.

Barclays slashes price target for Hurricane Energy

Exceptionally difficult market conditions have led to a collapse in the price of oil and accelerated plans of many larger companies operating in the sector to transition away from fossil fuel assets in favour of renewables.

Given this trend, analysts at Barclays recently reaffirmed their ‘equal weight’ rating for Hurricane Energy and cut their price target in half from 16p per share to just 8p, implying a potential upside for the stock of 60%.

Hurricane Energy progresses offshore operations as Covid restrictions eased

Following the relaxation of Covid-19 restrictions on UKCS offshore operations, Hurricane Energy has been able to commission electric submersible pumps (ESPs) at its Lancaster production wells.

As it stands, both wells at the site are flowing with use of the ESPs and delivering combined production of around 15,000 barrels of oil per day (bopd).

The company plans to continue testing both wells on ESPs for a short period of up to two weeks before finalising its near-term production strategy, with investors expecting an update on its performance in its upcoming results later this week.

Brent crude close to falling through key support level

Oil prices continue to struggle amid oversupply concerns and weak demand as a result of the coronavirus pandemic, with this trend weighing on Hurricane Energy’s share price.

Brent crude is down $1.49 (-3.55%) to $40.52 at the time of publication, while the US West Texas Intermediate (WTI) has fallen $2.20 (-5.53%) to $37.57 a barrel.

Many analysts had forecast Brent crude to average $45 a barrel throughout 2020, with that figure rising to an average of $50 in 2021. But with global economies struggling to reopen amid the Covid-19 pandemic and markets taking longer to recover than expected, oil prices have begun to fall, applying additional pressure on companies operating in the sector.

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