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

Ithaca Energy plc (LON:ITH)’s share price traded down 13.1% during trading on Saturday . The company traded as low as GBX 200 and last traded at GBX 203. 12,338,506 shares were traded during trading, an increase of 502% from the average session volume of 2,047,964 shares. The stock had previously closed at GBX 233.50.

Analyst Ratings Changes

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

Ithaca Energy Price Performance

The firm has a 50 day simple moving average of GBX 204.87 and a 200-day simple moving average of GBX 180.04. The company has a market cap of £3.34 billion and a price-to-earnings 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.