Ithaca Energy (LON:ITH) Shares Down 11.8% – Should You Sell?

Ithaca Energy plc (LON:ITH)’s share price dropped 11.8% during mid-day trading on Friday . The stock traded as low as GBX 202 and last traded at GBX 206. Approximately 6,998,968 shares changed hands during mid-day trading, an increase of 246% from the average daily volume of 2,024,442 shares. The stock had previously closed at GBX 233.50.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ITH. Jefferies Financial Group upgraded shares of Ithaca Energy to a “buy” rating and upped their price target for the company from GBX 145 to GBX 220 in a research report on Monday, October 20th. Shore Capital reaffirmed a “no recommendation” rating on shares of Ithaca Energy in a research 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 analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of GBX 210.

Ithaca Energy Stock Down 13.1%

The company has a market capitalization of £3.34 billion and a PE ratio of -19.15. The firm’s 50-day moving average is GBX 204.87 and its 200-day moving average is GBX 180.04.

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.