Too distracted

Bank of England ‘too distracted putting out fires’ to improve its forecasts and all stock picks are a mix of 82% BUY, 8% HOLD and 10% SELL.

1. OUTPERFORM Hunting

Top stock pick this week OUTPERFORM Hunting by RBC Capital with a tip performance of 12%.

Hunting plc is a British-based supplier to the oil and gas industry. 27% of the business is owned by the Hunting family. Founded in 1874, it listed on LSE in 1988 at 129p, reached an all-time high of 148p in 2012 and is now at 439p.

In the news this week for an incoming $145mn order from Kuwait for drilling tubes and pipes. See that announcement here. Shares rose 20% this week and two more RNS alerts on director shareholdings (insider dealing) were subsequently issued. You can se those here and here.

Five out of five analysts in Stockomendation say BUY, OVERWEIGHT or OUTPERFORM, they are: RBC Capital, Canaccord Genuity, Barclays, Jeffries and Kepler Cheuvreux. There are no active short positions currently open.

2. BUY Midwich Group

Second stock pick this week is BUY Midwich Group by Berenberg with a tip performance of 12%.

Established in 1979, the Midwich Group is a specialist audio visual distributor to the trade market, with operations across UK and Ireland, EMEA, Asia-Pacific and North America including displays, projectors, technical AV, broadcast, professional audio, lighting and unified communications. It is based in Norfolk.

Midwich Group share price listed at 235p in 2016, reached an all-time high of 662p in 2021 and is now at 389p.

On Thursday it’s AGM announcement warned on lower profits due to challenging market conditions, which caused a subsequent sharp fall in the share price. It noted single digit revenue decline in 2024. Berenberg Bank reiterated a "buy" rating and set a GBX 710p price target on Thursday, February 15th.

Berenberg is the only analyst in Stockomendation and it has a BUY rating. There are no active short positions open.

3. BUY Marston’s

Third interesting stock pick this week is BUY Marston's by Shore Capital with a tip performance of 10%

Carlsberg Marston's Brewing Company is a British brewing company. It was formed when Marston's plc disposed of its brewing operations in 2020, selling the assets to a newly formed joint venture with the Carlsberg Group to create the Carlsberg Marston's Brewing Company, in which Marston's plc holds a 40% share. Founded in 1834, it is headquartered in Wolverhampton.

Marston's PLC operates managed, franchised, tenanted, partnership, and leased pubs in the United Kingdom. It is also involved in the property management; telecommunications; and insurance businesses.

Marstons share price launched at 106p in 1993, reached an all-time high of 343p in 2007 and is today at 35p.

On 14th May is issued its half year trading results in this RNS which announced the disposal of £50m of ‘non-core and unlicensed sites.’ Insider Justin Platt acquired shares on the same day. Shore Capital reissued its BUY rating, also on the 14th.

In Stockomendation Shore Capital says BUY, JP Morgan says OVERWEIGHT and Kevin Godbold says WATCH.

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Disclaimer: The contents of this article should not be considered financial advice. Pricing data correct as at 16th May 2024.