Hunting PLC shares climbed about 5% on Wednesday after a first-half trading update kept 2026 earnings guidance unchanged despite Middle East volatility.
Hunting PLC (LSE:HTG) shares are trading higher on Wednesday after the oilfield equipment and services group said first-half trading was in line with expectations and left its full-year earnings guidance unchanged, even as chief executive Jim Johnson warned of near-term volatility from the conflict in the Middle East.
Shares in the London-listed group are trading at 472p on Wednesday morning, up 4.9% from Tuesday’s close of 450p. The stock has ranged between 288.5p and 552p over the past year, and remains below the 552p high reached in February 2026, having slipped through much of the second quarter amid a broader pullback in oil and gas shares tied to Middle East-driven volatility in crude prices.
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Guidance held despite mixed divisional trading
In its trading update for the six months to 30 June 2026, Hunting estimated core earnings, or EBITDA, of $62m, in line with a previously flagged 40:60 first-half/second-half split, with a margin of about 12%. The group’s order book stood at $387m at the end of June, up from $358m at the end of 2025, helped by $63.5m of new orders for titanium stress joints tied to continued activity in Guyana, alongside strong trading at its Hunting Titan and Perforating Systems businesses. Order phasing left its OCTG, Advanced Manufacturing and Other Manufacturing divisions softer, with a pickup expected in the second half.
Full-year guidance was left unchanged, with Hunting still targeting EBITDA of $145m to $155m and a margin of 13% to 14%, alongside around $15m of cost savings between 2026 and 2027, and year-end borrowings of $60m to $65m. The company also said its organic oil recovery technology, already used by Buccaneer Energy PLC and ordered by a customer in Pakistan, is expected to generate revenue of $10m to $15m in 2026, rising to $100m a year by 2030.
Wednesday’s update followed last month’s announcement that Johnson intends to retire as a director by mid-2027, ending more than three decades at the firm, according to Energy Voice. Hunting said it has engaged a recruitment firm and is running a global search for his successor, covering internal and external candidates.
“Although the conflict in the Middle East and resultant oil price dynamics may create near-term volatility, the rigorous execution of our strategy means we will benefit from longer-term, multi-year oil and gas expansion plans, as well as an increased focus on energy security and independence and AI driven power demand,” Johnson said in the trading update. The average analyst price target stands at 553.5p, above Wednesday’s trading level, reflecting broadly positive sentiment towards the stock.
Hunting is due to publish full first-half results on 21 August 2026, when more detail on revenue and profit will emerge. Progress on the search for Johnson’s successor and the closure of its Fordoun site by the end of summer will stay in focus. With shares still short of last year’s highs, the coming weeks will test whether Wednesday’s reassurance on guidance can hold in a volatile oil market.