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

Shares of Ithaca Energy plc (LON:ITH) dropped 13.1% on Saturday . The stock traded as low as GBX 200 and last traded at GBX 203. Approximately 12,338,506 shares traded hands during 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 brokerages have issued reports on ITH. Peel Hunt reissued a “buy” rating and issued a GBX 200 price target on shares of Ithaca Energy in a report on Wednesday, September 17th. Shore Capital reiterated a “no recommendation” rating on shares of Ithaca Energy in a research note on Tuesday, September 2nd. Finally, Jefferies Financial Group raised shares of Ithaca Energy to a “buy” rating and increased their price target for the stock from GBX 145 to GBX 220 in a report on Monday, October 20th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of GBX 210.

Ithaca Energy Trading Down 13.1%

The firm’s fifty day moving average is GBX 204.87 and its 200 day moving average is GBX 180.04. The company has a market cap of £3.34 billion and a PE ratio of -19.15.

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.