Ithaca Energy (LON:ITH) Stock Price Up 2.4% – Should You Buy?

Ithaca Energy plc (LON:ITH)’s share price was up 2.4% on Tuesday . The company traded as high as GBX 173.20 and last traded at GBX 173.20. Approximately 720,450 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 2,396,302 shares. The stock had previously closed at GBX 169.20.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group upgraded shares of Ithaca Energy to a “buy” rating and lifted their price target for the company from GBX 145 to GBX 220 in a research note on Monday, October 20th. Two research 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 Up 2.3%

The firm has a market capitalization of £2.92 billion and a price-to-earnings ratio of -23.62. The stock’s fifty day moving average is GBX 171.42 and its two-hundred day moving average is GBX 186.28.

Insider Buying and Selling at Ithaca Energy

In other news, insider Yaniv Friedman bought 32,476 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were bought at an average cost of GBX 174 per share, with a total value of £56,508.24. In the last quarter, insiders have bought 40,479 shares of company stock worth $7,057,560. 0.19% of the stock is owned by insiders.

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.

Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), with stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields.