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

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

Analyst Ratings Changes

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

Ithaca Energy Stock Down 13.1%

The firm has a market capitalization of £3.34 billion and a price-to-earnings ratio of -19.15. The company’s fifty day moving average is GBX 204.87 and its two-hundred day moving average is GBX 179.70.

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.