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

Shares of Ithaca Energy plc (LON:ITH) were down 13.1% during trading on Friday . The company 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

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

Ithaca Energy Price Performance

The stock has a market cap of £3.34 billion and a P/E ratio of -19.15. The firm’s 50 day moving average price is GBX 204.66 and its 200-day moving average price is GBX 179.21.

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.