Ithaca Energy (LON:ITH) Stock Price Down 13.1% – What’s Next?

Ithaca Energy plc (LON:ITH) shares fell 13.1% during mid-day trading on Saturday . The company traded as low as GBX 200 and last traded at GBX 203. 12,338,506 shares changed 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

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

Ithaca Energy Price Performance

The stock has a market capitalization of £3.34 billion and a P/E ratio of -19.15. The stock’s fifty day moving average price is GBX 204.87 and its 200 day moving average price is GBX 179.70.

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.