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

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

Wall Street Analysts Forecast Growth

ITH has been the subject of a number of recent analyst reports. Peel Hunt reaffirmed a “buy” rating and set a GBX 200 price target on shares of Ithaca Energy in a report on Wednesday, September 17th. Shore Capital reissued a “no recommendation” rating on shares of Ithaca Energy in a research note on Tuesday, September 2nd. Finally, 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. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Ithaca Energy presently has an average rating of “Buy” and a consensus price target of GBX 210.

Ithaca Energy Price Performance

The company has a market capitalization of £3.34 billion and a price-to-earnings ratio of -19.15. The firm has a 50-day moving average price of GBX 204.66 and a two-hundred day moving average price of GBX 179.21.

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.