Ithaca Energy (LON:ITH) Reaches New 52-Week High – Should You Buy?

Ithaca Energy plc (LON:ITH)’s share price reached a new 52-week high during trading on Tuesday. The stock traded as high as GBX 302 and last traded at GBX 294.60, with a volume of 1,244,418 shares traded. The stock had previously closed at GBX 294.98.

Wall Street Analyst Weigh In

ITH has been the subject of several recent research reports. Berenberg Bank restated a “buy” rating and set a GBX 270 target price on shares of Ithaca Energy in a report on Wednesday, August 19th. Jefferies Financial Group restated a “buy” rating and set a GBX 350 target price on shares of Ithaca Energy in a research report on Tuesday, October 6th. Two investment analysts have rated the stock with a Buy rating. According to MarketBeat, Ithaca Energy has an average rating of “Buy” and an average target price of GBX 310.

Ithaca Energy Stock Performance

The business has a fifty day simple moving average of GBX 276.50 and a 200 day simple moving average of GBX 255.33. The stock has a market cap of £4.89 billion, a price-to-earnings ratio of 18.87 and a beta of 0.34.

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.

Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), with stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields.