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

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

Wall Street Analyst Weigh In

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

Ithaca Energy Price Performance

The company’s 50 day moving average is GBX 204.87 and its 200 day moving average is GBX 179.70. The stock has a market cap of £3.34 billion and a price-to-earnings ratio of -19.15.

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.