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

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

Analyst Ratings Changes

A number of brokerages have commented on ITH. Jefferies Financial Group upgraded shares of Ithaca Energy to a “buy” rating and boosted their price objective for the stock from GBX 145 to GBX 220 in a report on Monday, October 20th. Peel Hunt reissued a “buy” rating and issued a GBX 200 price target on shares of Ithaca Energy in a report on Wednesday, September 17th. Finally, Shore Capital restated a “no recommendation” rating on shares of Ithaca Energy in a research note on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of GBX 210.

Ithaca Energy Price Performance

The company has a fifty day moving average of GBX 204.66 and a two-hundred day moving average of GBX 179.21. 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.