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

Ithaca Energy plc (LON:ITH) shares were down 13.1% on Friday . The company traded as low as GBX 200 and last traded at GBX 203. Approximately 12,338,506 shares were traded 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 analysts have weighed in on ITH shares. Shore Capital reaffirmed a “no recommendation” rating on shares of Ithaca Energy in a research note on Tuesday, September 2nd. Peel Hunt restated a “buy” rating and issued a GBX 200 price target on shares of Ithaca Energy in a research note on Wednesday, September 17th. Finally, Jefferies Financial Group upgraded 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. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of GBX 210.

Ithaca Energy Trading Down 13.1%

The firm has a market capitalization of £3.34 billion and a PE ratio of -19.15. The firm has a 50 day simple moving average of GBX 204.66 and a 200 day simple moving average of GBX 179.21.

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.