Ithaca Energy (LON:ITH) Stock Price Down 13.1% – Should You Sell?

Ithaca Energy plc (LON:ITH)’s share price was down 13.1% during trading on Saturday . The company traded as low as GBX 200 and last traded at GBX 203. Approximately 12,338,506 shares changed 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.

Analysts Set New Price Targets

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

Ithaca Energy Price Performance

The company has a 50 day simple moving average of GBX 204.87 and a 200-day simple moving average of GBX 179.70. The stock has a market capitalization of £3.34 billion and a P/E 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.