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

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

ITH has been the subject of several research reports. Shore Capital reiterated a “no recommendation” rating on shares of Ithaca Energy in a research note on Tuesday, September 2nd. Peel Hunt reissued a “buy” rating and issued a GBX 200 target price on shares of Ithaca Energy in a research report on Wednesday, September 17th. Finally, Jefferies Financial Group raised Ithaca Energy to a “buy” rating and lifted their price target for the stock from GBX 145 to GBX 220 in a research report on Monday, October 20th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of GBX 210.

Ithaca Energy Stock Performance

The firm’s 50 day simple moving average is GBX 204.87 and its 200 day simple moving average is GBX 179.70. The firm has a market capitalization of £3.34 billion and a price-to-earnings ratio of -19.15.

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.