Ithaca Energy (LON:ITH) Shares Down 13.1% – Should You Sell?

Shares of Ithaca Energy plc (LON:ITH) dropped 13.1% on Saturday . The stock traded as low as GBX 200 and last traded at GBX 203. Approximately 12,338,506 shares changed hands during mid-day trading, an increase of 502% from the average daily volume of 2,047,964 shares. The stock had previously closed at GBX 233.50.

Analysts Set New Price Targets

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

Ithaca Energy Stock Performance

The firm has a market cap of £3.34 billion and a P/E ratio of -19.15. The stock’s 50-day moving average is GBX 204.87 and its 200 day moving average is GBX 179.70.

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.