Serica Energy (LON:SQZ) Trading Down 15.3% – Here’s What Happened

Shares of Serica Energy plc (LON:SQZ) dropped 15.3% during trading on Wednesday . The company traded as low as GBX 146 ($1.98) and last traded at GBX 150.60 ($2.04). Approximately 29,118,072 shares were traded during trading, an increase of 1,257% from the average daily volume of 2,146,250 shares. The stock had previously closed at GBX 177.80 ($2.41).

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Shore Capital reiterated a “buy” rating on shares of Serica Energy in a research report on Wednesday. Canaccord Genuity Group reiterated a “buy” rating and set a GBX 190 price objective on shares of Serica Energy in a research report on Thursday, July 31st. Jefferies Financial Group reiterated a “buy” rating and set a GBX 190 price objective on shares of Serica Energy in a research report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and issued a GBX 215 price target on shares of Serica Energy in a research note on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Serica Energy currently has an average rating of “Buy” and a consensus target price of GBX 203.

Serica Energy Stock Down 15.0%

The stock has a 50 day moving average price of GBX 169.15 and a 200 day moving average price of GBX 149.57. The stock has a market capitalization of £590.01 million, a price-to-earnings ratio of -1,888.50, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44. The company has a quick ratio of 1.22, a current ratio of 1.69 and a debt-to-equity ratio of 26.31.

Insider Activity at Serica Energy

In other news, insider Martin Copeland purchased 45,000 shares of the business’s stock in a transaction dated Thursday, July 3rd. The shares were purchased at an average cost of GBX 161 per share, with a total value of £72,450. Insiders own 63.80% of the company’s stock.

About Serica Energy

Serica Energy plc, an upstream oil and gas company, identifies, acquires, explores, exploits, and produces oil and gas reserves in the United Kingdom. The company holds 100% interest in the Keith oil field; 98% interest in the Bruce field; and 50% interest in the Rhum gas field located in the Northern North Sea, as well as 18% non-operating interest in the Erskine field located in Central North Sea.