Ithaca Energy (LON:ITH) Reaches New 1-Year High – Still a Buy?

Shares of Ithaca Energy plc (LON:ITH) reached a new 52-week high during mid-day trading on Monday. The company traded as high as GBX 309.40 and last traded at GBX 308.80, with a volume of 2,340,526 shares traded. The stock had previously closed at GBX 296.78.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Berenberg Bank reaffirmed a “buy” rating and set a GBX 270 target price on shares of Ithaca Energy in a research note on Wednesday, August 19th. Jefferies Financial Group reiterated a “buy” rating and issued a GBX 350 price target on shares of Ithaca Energy in a research note on Tuesday, October 6th. Two equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of GBX 310.

Ithaca Energy Stock Performance

The stock’s 50 day moving average price is GBX 282.71 and its 200 day moving average price is GBX 243.97. The company has a market capitalization of £5.08 billion, a P/E ratio of 19.62 and a beta of 0.34.

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.

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.