Ithaca Energy (LON:ITH) Stock Price Down 11.5% – Here’s What Happened

Ithaca Energy plc (LON:ITH) shares fell 11.5% on Friday . The company traded as low as GBX 206 and last traded at GBX 206.72. 6,151,453 shares traded hands during mid-day trading, an increase of 204% from the average session volume of 2,020,427 shares. The stock had previously closed at GBX 233.50.

Analyst Upgrades and Downgrades

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

Ithaca Energy Trading Down 13.1%

The firm’s 50 day moving average price is GBX 204.87 and its 200-day moving average price is GBX 180.04. The company has a market cap 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.