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

Ithaca Energy plc (LON:ITH)’s share price traded down 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 traded hands during 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 Analysts Forecast Growth

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

Ithaca Energy Stock Performance

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