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

Ithaca Energy plc (LON:ITH)’s share price traded down 13.1% during trading on Saturday . The company traded as low as GBX 200 and last traded at GBX 203. 12,338,506 shares were traded 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

A number of analysts have recently weighed in on the company. Jefferies Financial Group upgraded Ithaca Energy to a “buy” rating and raised their target price for the company from GBX 145 to GBX 220 in a research note on Monday, October 20th. Peel Hunt restated a “buy” rating and issued a GBX 200 price objective on shares of Ithaca Energy in a research report on Wednesday, September 17th. Finally, Shore Capital reaffirmed a “no recommendation” rating on shares of Ithaca Energy in a research note on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of GBX 210.

Ithaca Energy Trading Down 13.1%

The stock has a market capitalization of £3.34 billion and a P/E ratio of -19.15. The company has a fifty day simple moving average of GBX 204.87 and a two-hundred day simple moving average of GBX 179.70.

About Ithaca Energy

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.