Ithaca Energy (LON:ITH) Shares Down 13.1% – Here’s Why

Shares of Ithaca Energy plc (LON:ITH) traded down 13.1% during trading on Friday . The company traded as low as GBX 200 and last traded at GBX 203. 12,338,506 shares traded hands during mid-day trading, an increase of 502% from the average session volume of 2,047,964 shares. The stock had previously closed at GBX 233.50.

Wall Street Analyst Weigh In

ITH has been the subject of several recent research reports. Jefferies Financial Group raised Ithaca Energy to a “buy” rating and upped their target price for the company from GBX 145 to GBX 220 in a report on Monday, October 20th. Peel Hunt reissued a “buy” rating and set a GBX 200 price target on shares of Ithaca Energy in a report on Wednesday, September 17th. Finally, Shore Capital reaffirmed a “no recommendation” rating on shares of Ithaca Energy in a report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of GBX 210.

Ithaca Energy Price Performance

The firm has a market capitalization of £3.34 billion and a P/E ratio of -19.15. The firm’s fifty day moving average price is GBX 204.66 and its 200-day moving average price is GBX 179.21.

Ithaca Energy Company Profile

Ithaca Energy is a leading UK independent exploration and production company focused on the UK North Sea with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon two transformational acquisitions.