Ithaca Energy (LON:ITH) Trading Down 13.1% – What’s Next?

Ithaca Energy plc (LON:ITH)’s stock price was down 13.1% during mid-day trading 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

Several analysts recently issued reports on the stock. Shore Capital reaffirmed a “no recommendation” rating on shares of Ithaca Energy in a report on Tuesday, September 2nd. Jefferies Financial Group upgraded shares of Ithaca Energy to a “buy” rating and raised their price target for the stock from GBX 145 to GBX 220 in a research 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 research report on Wednesday, September 17th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Ithaca Energy presently has a consensus rating of “Buy” and a consensus target price of GBX 210.

Ithaca Energy Price Performance

The firm has a market capitalization of £3.34 billion and a P/E ratio of -19.15. The firm’s fifty day moving average price is GBX 204.87 and its 200-day moving average price is GBX 179.70.

About Ithaca Energy

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.