Ithaca Energy (LON:ITH) Shares Down 12.8% – Here’s Why

Shares of Ithaca Energy plc (LON:ITH) were down 12.8% during mid-day trading on Tuesday . The company traded as low as GBX 197 ($2.67) and last traded at GBX 207 ($2.80). Approximately 119,082,617 shares changed hands during trading, an increase of 5,124% from the average daily volume of 2,279,558 shares. The stock had previously closed at GBX 237.50 ($3.22).

Analyst Upgrades and Downgrades

Separately, Shore Capital reiterated a “no recommendation” rating on shares of Ithaca Energy in a research note on Tuesday.

Ithaca Energy Trading Down 13.3%

The company has a 50 day moving average price of GBX 176.33 and a 200 day moving average price of GBX 153.06. The company has a market capitalization of £3.39 billion and a P/E ratio of -2,985.51.

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.