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Berenberg backs the Hurricane Energy share price despite Warwick West disappointment

Analysts at the Hamburg-based bank reiterated their ‘buy’ rating for the UK-based oil and gas company despite disappointing test results at its Warwick West site that have seen its shares plummet this week.

Analysts at Berenberg remain optimistic about Hurricane Energy, despite its disappointing test results from its Warwick West well sending its share price sliding more 16% this week.

The Hamburg-based bank reiterated its ‘buy’ rating and issued a 100p target price for the stock, representing a potential upside of 212%.

Hurricane Energy is trading 32p a share as of 12:45 GMT on Friday.

Berenberg remains focused on Lancaster site

While analysts at Berenberg agreed that flow rates at the Warwick West well were insufficient to be commercially viable, they had not banked on the site reaping major rewards, with the bank pinning its hopes on its site in Lancaster.

‘The focus remains on Lancaster, where results from the early production scheme (EPS) continue to deliver in line with guidance,’ Berenberg analysts said in a note.

Looking to trade Hurricane Energy? Open a live or demo account with IG.

Barclays Capital doesn’t share Berenberg’s optimism

Analysts at Barclays Capital failed to share Berenberg’s optimism about Hurricane Energy, with the bank reiterating its ‘overweight’ rating for the stock and downgrading its target price from 55p to 50p in December.

The new target price still implies a potential upside for the stock of 56%, however.

You can go long or short Hurricane Energy with IG using derivatives like CFDs and spread bets.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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