Hunting (LON: HTG) shares fell 5.5% on Wednesday after the company’s first-quarter update, even as analysts broadly described the performance as steady and in line with expectations.
According to Zeus Capital, the statement showed “a steady” start to the year, with Q1 EBITDA of $23.2 million and full-year guidance maintained at $145–155 million. The firm noted that “there is more to do to make full year guidance,” but added this was already anticipated given the expected second-half weighting.
The broker highlighted a strengthening order book, which rose to $428.8 million from $358 million at the end of 2025, supported by a recent subsea contract. Zeus stated that this provides “an early demonstration of the order book progress that Hunting will require” and expects further contract wins in coming months to drive share price momentum.
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Meanwhile, Equity Development analysts described the update as a “solid start,” with trading in line with expectations and momentum expected to build from the second quarter. The firm pointed to improving activity levels and business mix, particularly in subsea, as supporting a step-up in profitability later in the year.
Both analysts flagged minimal disruption from the Middle East conflict so far, though new orders in the region remain a key watch point.
On valuation, views diverge. Zeus believes Hunting’s positioning and intellectual property justify a premium rating and reiterates a Buy stance, while Equity Development said the stock is “trading around fair value,” with sustained order growth needed to unlock further upside.
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