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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

JPMorgan starts Harbour Energy at 'overweight'

Tue 02 Sep 2025 09:37

(Sharecast News) - JPMorgan Cazenove initiated coverage of Harbour Energy on Tuesday with an 'overweight' rating and 298p price target. The bank said its stance was underpinned by scale-driven cost reductions, free cash flow resiliency, and a strong balance sheet which, in its view, "leaves runway for an additional buyback program in 2026".

JPM noted that Harbour is the largest London-listed independent oil and gas producer and said it has recently transformed into a global operator with significant scale following its Wintershall Dea acquisition in 2024.

"The acquisition puts Harbour in a relative position of strength against a weakening commodity outlook (JPM Commodities team forecasts $58/bbl Brent and $8.70/mmbtu TTF in 2026) given its cost improvement runway," JPM said.

"Additionally, the company's dividend (circa 8% yield) is secure at $46/bbl Brent on our estimates, meaning its free cash flow resiliency and strong balance sheet leaves room for supplementary buybacks in 2026."

At 0935 BST, the shares were up 1.2% at 229p.

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