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Harbour Energy

PMOIF
68
Oil & Gas Exploration & Production · Energy
Price
$3.74
-0.05 (-1.32%)
Market Cap
$5.87B
Exchange
Other OTC
Winston Score
68
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Strong
Dividends
Good
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Share count rising — dilution

+92.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 872.5M (2021) → 1.68B (2025)

§Winston Score History

The full picture

Harbour Energy is a large independent oil and gas company based in the United Kingdom. It explores for, produces, and sells crude oil and natural gas from fields primarily in the North Sea, as well as assets in Southeast Asia, Mexico, and other regions. Following its 2024 acquisition of Wintershall Dea's assets, it became one of Europe's biggest independent oil and gas producers.

The company makes money by selling oil and gas at market prices to refiners, utilities, and traders. It operates across multiple countries, giving it a diversified production base, and its scale helps spread the high fixed costs of offshore drilling. Harbour's large reserve base and operational expertise in mature basins provide a competitive edge, but the business faces significant exposure to volatile commodity prices, evolving energy transition policies, and the capital-intensive nature of maintaining production from aging fields.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+275.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

56.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Harbour Energy is a rare growth stock that's already generating positive cash flow while growing at 25%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
48.0%
Healthy — 48.0% gross margin
Profit after running costs
Operating Margin
45.1%
Excellent — 45.1% operating margin
Return on the money invested
ROCE
39.5%
Exceptional — 39.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+18.7%
Fast-growing sales (+18.7% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
796%
Turns 796% of profit into real cash
Spare cash per sale
FCF Margin
17.2%
Converts sales into free cash efficiently (17.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.48
Elevated debt (1.48)
Covers its interest
Interest Cover
11.39x
Comfortably covers interest (11.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
21.6x
Growth-priced — P/E 21.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+6.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.6 → 15.6)

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Dividends

Dividend
Dividend Yield
4.30%
Healthy income — 4.30% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-15.0%
Dividend cut (-15.0% YoY) — warning sign

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