Serica Energy (LON:SQZ) Shares Down 12.4% – Here’s What Happened

Serica Energy plc (LON:SQZ)’s share price was down 12.4% on Wednesday . The stock traded as low as GBX 182 ($2.44) and last traded at GBX 187.11 ($2.51). Approximately 69,403,266 shares changed hands during mid-day trading, an increase of 2,780% from the average daily volume of 2,410,071 shares. The stock had previously closed at GBX 213.50 ($2.87).

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Peel Hunt reiterated a “buy” rating and issued a GBX 207 target price on shares of Serica Energy in a research note on Tuesday, September 30th. Shore Capital reiterated a “buy” rating on shares of Serica Energy in a research note on Wednesday, September 10th. Canaccord Genuity Group raised their target price on shares of Serica Energy from GBX 215 to GBX 240 and gave the company a “buy” rating in a research note on Friday, October 3rd. Jefferies Financial Group reiterated a “buy” rating and issued a GBX 190 target price on shares of Serica Energy in a research note on Tuesday, August 5th. Finally, JPMorgan Chase & Co. reissued a “buy” rating and issued a GBX 215 price target on shares of Serica Energy in a report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of GBX 212.

Serica Energy Stock Down 10.4%

The firm has a market cap of £747.27 million, a price-to-earnings ratio of -2,391.86, a PEG ratio of 2.15 and a beta of 0.44. The company has a debt-to-equity ratio of 26.31, a quick ratio of 1.22 and a current ratio of 1.69. The business’s 50-day moving average is GBX 173.34 and its 200-day moving average is GBX 156.26.

Serica Energy Company Profile

Serica Energy plc, an upstream oil and gas company, identifies, acquires, explores, exploits, and produces oil and gas reserves in the United Kingdom. The company holds 100% interest in the Keith oil field; 98% interest in the Bruce field; and 50% interest in the Rhum gas field located in the Northern North Sea, as well as 18% non-operating interest in the Erskine field located in Central North Sea.