Ithaca Energy (LON:ITH) Sets New 12-Month High – Here’s Why

Ithaca Energy plc (LON:ITH) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as GBX 247 and last traded at GBX 236.07, with a volume of 2741787 shares changing hands. The stock had previously closed at GBX 246.50.

Analysts Set New Price Targets

Separately, Jefferies Financial Group decreased their target price on shares of Ithaca Energy from GBX 220 to GBX 210 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Ithaca Energy currently has an average rating of “Buy” and an average price target of GBX 205.

Ithaca Energy Price Performance

The stock has a 50 day moving average price of GBX 185.97 and a two-hundred day moving average price of GBX 192.24. The firm has a market capitalization of £4.09 billion, a price-to-earnings ratio of -33.07 and a beta of 0.84.

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.