Ithaca Energy (LON:ITH) Shares Down 13.1% – What’s Next?

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

Wall Street Analyst Weigh In

ITH has been the subject of several recent research reports. Peel Hunt reiterated a “buy” rating and set a GBX 200 target price on shares of Ithaca Energy in a research report on Wednesday, September 17th. Jefferies Financial Group raised shares of Ithaca Energy to a “buy” rating and upped their target price for the company from GBX 145 to GBX 220 in a research note on Monday, October 20th. Finally, Shore Capital reiterated a “no recommendation” rating on shares of Ithaca Energy in a report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of GBX 210.

Ithaca Energy Trading Down 13.1%

The company’s 50-day simple moving average is GBX 204.87 and its 200-day simple moving average is GBX 179.70. The stock has a market capitalization of £3.34 billion and a price-to-earnings ratio of -19.15.

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.