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

Ithaca Energy plc (LON:ITH) traded down 13.1% during mid-day trading on Friday . 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.

Analysts Set New Price Targets

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

Ithaca Energy Stock Down 13.1%

The company has a market capitalization of £3.34 billion and a price-to-earnings ratio of -19.15. The business has a fifty day simple moving average of GBX 204.66 and a two-hundred 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.