Ithaca Energy (LON:ITH) Stock Price Down 12.2% – Here’s Why

Ithaca Energy plc (LON:ITH) shares traded down 12.2% during mid-day trading on Friday . The stock traded as low as GBX 200 and last traded at GBX 205. 9,425,563 shares traded hands during mid-day trading, an increase of 363% from the average session volume of 2,035,132 shares. The stock had previously closed at GBX 233.50.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ITH shares. Peel Hunt reaffirmed a “buy” rating and set a GBX 200 target price on shares of Ithaca Energy in a research note on Wednesday, September 17th. Shore Capital restated a “no recommendation” rating on shares of Ithaca Energy in a report on Tuesday, September 2nd. Finally, Jefferies Financial Group raised shares of Ithaca Energy to a “buy” rating and increased their price objective for the stock from GBX 145 to GBX 220 in a research report on Monday, October 20th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Ithaca Energy currently has a consensus rating of “Buy” and a consensus price target of GBX 210.

Ithaca Energy Trading Down 12.8%

The company has a market capitalization of £3.35 billion and a PE ratio of -19.20. The business has a fifty day moving average of GBX 204.66 and a 200 day moving average of GBX 179.21.

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.