Ithaca Energy (LON:ITH) Shares Down 13.1% – Time to Sell?

Ithaca Energy plc (LON:ITH)’s share 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 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

Several equities analysts recently issued reports on the stock. Shore Capital reissued 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 lifted their target price for the company from GBX 145 to GBX 220 in a research note on Monday, October 20th. Finally, Peel Hunt reissued a “buy” rating and issued a GBX 200 target price on shares of Ithaca Energy in a report on Wednesday, September 17th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Ithaca Energy currently has a consensus rating of “Buy” and an average target price of GBX 210.

Ithaca Energy Stock Performance

The stock has a market cap of £3.34 billion and a price-to-earnings ratio of -19.15. The firm’s 50-day simple moving average is GBX 204.66 and its two-hundred day simple moving average is 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.