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

Ithaca Energy plc (LON:ITH)’s share price dropped 13.1% during mid-day trading on Saturday . The stock 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.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ITH shares. Jefferies Financial Group raised Ithaca Energy to a “buy” rating and boosted their target price for the stock from GBX 145 to GBX 220 in a research report 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 reaffirmed a “buy” rating and issued a GBX 200 target price on shares of Ithaca Energy in a research report on Wednesday, September 17th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Ithaca Energy currently has an average rating of “Buy” and an average target price of GBX 210.

Ithaca Energy Price Performance

The firm has a market capitalization of £3.34 billion and a P/E ratio of -19.15. The business has a 50 day moving average price of GBX 204.87 and a 200 day moving average price 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.