Ithaca Energy (LON:ITH) Reaches New 1-Year High – Here’s Why

Ithaca Energy plc (LON:ITH)’s stock price reached a new 52-week high on Monday. The company traded as high as GBX 309.40 and last traded at GBX 308.80, with a volume of 2,340,526 shares traded. The stock had previously closed at GBX 296.78.

Analyst Upgrades and Downgrades

ITH has been the topic of a number of recent research reports. Berenberg Bank reaffirmed a “buy” rating and set a GBX 270 price objective on shares of Ithaca Energy in a research note on Wednesday, August 19th. Jefferies Financial Group reiterated a “buy” rating and set a GBX 350 target price on shares of Ithaca Energy in a report on Tuesday, October 6th. Two research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Ithaca Energy has an average rating of “Buy” and a consensus target price of GBX 310.

Ithaca Energy Trading Up 4.2%

The company has a market cap of £5.10 billion, a PE ratio of 19.69 and a beta of 0.34. The stock has a 50 day moving average price of GBX 280.80 and a 200 day moving average price of GBX 256.55.

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.

Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), with stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields.