Ithaca Energy (LON:ITH) Shares Down 13.1% – Here’s What Happened

Ithaca Energy plc (LON:ITH)’s share price traded down 13.1% on Friday . The stock traded as low as GBX 200 and last traded at GBX 203. 12,338,506 shares were traded during mid-day trading, an increase of 502% from the average session volume of 2,047,964 shares. The stock had previously closed at GBX 233.50.

Analyst Upgrades and Downgrades

A number of research firms have commented on ITH. Jefferies Financial Group upgraded Ithaca Energy to a “buy” rating and lifted their target price for the company from GBX 145 to GBX 220 in a research report on Monday, October 20th. Peel Hunt restated a “buy” rating and issued a GBX 200 price objective on shares of Ithaca Energy in a report on Wednesday, September 17th. Finally, Shore Capital reaffirmed a “no recommendation” rating on shares of Ithaca Energy in a research report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Ithaca Energy presently has a consensus rating of “Buy” and an average price target of GBX 210.

Ithaca Energy Price Performance

The firm has a market capitalization of £3.34 billion and a price-to-earnings ratio of -19.15. The stock has a 50 day moving average price of GBX 204.87 and a two-hundred day moving average price of GBX 180.04.

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.