Ithaca Energy (LON:ITH) Trading Down 13.1% – What’s Next?

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.

Wall Street Analysts Forecast Growth

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

Ithaca Energy Price Performance

The company has a 50 day simple moving average of GBX 204.87 and a 200-day simple moving average of GBX 180.39. The stock has a market capitalization 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.