Ithaca Energy (LON:ITH) Stock Price Down 12.8% – What’s Next?

Ithaca Energy plc (LON:ITH) was down 12.8% during mid-day trading on Friday . The stock traded as low as GBX 200 and last traded at GBX 203.50. Approximately 9,511,281 shares were traded during mid-day trading, an increase of 367% from the average daily volume of 2,035,510 shares. The stock had previously closed at GBX 233.50.

Analysts Set New Price Targets

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

Ithaca Energy Trading Down 13.1%

The stock’s fifty day simple moving average is GBX 204.87 and its 200 day simple moving average is GBX 180.04. The company has a market cap of £3.34 billion and a price-to-earnings 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.