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

Ithaca Energy plc (LON:ITH)’s share price traded down 13.1% during mid-day trading on Saturday . The stock traded as low as GBX 200 and last traded at GBX 203. 12,338,506 shares traded hands during mid-day trading, an increase of 502% from the average session volume of 2,047,964 shares. The stock had previously closed at GBX 233.50.

Analyst Ratings Changes

A number of research firms have commented on ITH. Jefferies Financial Group upgraded shares of Ithaca Energy to a “buy” rating and raised their target price for the stock from GBX 145 to GBX 220 in a research note on Monday, October 20th. Peel Hunt restated a “buy” rating and set a GBX 200 price objective on shares of Ithaca Energy in a research report on Wednesday, September 17th. Finally, Shore Capital restated a “no recommendation” rating on shares of Ithaca Energy in a research note on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of GBX 210.

Ithaca Energy Price Performance

The stock has a market cap of £3.34 billion and a P/E ratio of -19.15. The stock’s 50-day moving average is GBX 204.87 and its two-hundred day moving average is GBX 179.70.

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.