Ithaca Energy (LON:ITH) Shares Down 13.1% – Here’s Why

Shares of Ithaca Energy plc (LON:ITH) traded down 13.1% on Saturday . The company traded as low as GBX 200 and last traded at GBX 203. 12,338,506 shares traded 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.

Analysts Set New Price Targets

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

Ithaca Energy Price Performance

The business’s 50 day moving average price is GBX 204.87 and its 200 day moving average price is GBX 179.70. The stock has a market capitalization of £3.34 billion and a P/E 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.