🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Hunting stock jumps 20% as Kuwait order boosts expectations

Published 15/05/2024, 10:00
Hunting stock jumps 20% as Kuwait order boosts expectations
HTG
-

Proactive Investors - Hunting PLC (LON:HTG) stock jumped more than 20% in Wednesday’s early deals on news of a new order worth $145 million from the Kuwait Oil Company.

The order was for ‘a large quantity of premium OCTG casing’, featuring the company’s proprietary SEAL-LOCK connection, and it expects revenue to be recognised in late 2024 to early 2025.

It added that the company now projects earnings (EBITDA) for 2024 to be at the upper end of its previously forecasted range of $125 million to $135 million.

"We would like to thank KOC for this order and look forward to working with them over the coming months as we deliver on this material order,” chief executive Jim Johnson said in a statement.

"This OCTG order win is the largest in the company's history and underscores our Hunting 2030 strategic ambitions, combining our leading premium connection technology and strong end-to-end integrated supply chain in Asia Pacific.”

In London, Hunting shares were up 77.68p or 21% trading at 450.90p.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.