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

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

Analyst Upgrades and Downgrades

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

Ithaca Energy Stock Down 13.1%

The firm’s 50-day simple moving average is GBX 204.87 and its 200 day simple moving average is GBX 179.70. The stock has a market capitalization of £3.34 billion and a P/E 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.