Ithaca Energy (LON:ITH) Shares Down 12.2% – Here’s What Happened

Ithaca Energy plc (LON:ITH)’s stock price dropped 12.2% during trading on Friday . The stock traded as low as GBX 200 and last traded at GBX 205. Approximately 9,425,563 shares were traded during mid-day trading, an increase of 363% from the average daily volume of 2,035,132 shares. The stock had previously closed at GBX 233.50.

Analyst Upgrades and Downgrades

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

Ithaca Energy Trading Down 13.1%

The business’s fifty day simple moving average is GBX 204.87 and its 200 day simple moving average is GBX 180.04. The stock has a market cap of £3.34 billion and a P/E ratio of -19.15.

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.