Ithaca Energy (LON:ITH) Shares Down 10.9% - Here's What Happened

Key Points

• Ithaca Energy shares fell by 10.9% during mid-day trading, closing at GBX 211.50 ($2.87) after reaching a low of GBX 197 ($2.67).
• Trading volume increased significantly to 118 million shares, up 5,092% from its average volume of 2.27 million.
• Shore Capital reissued a "no recommendation" rating for Ithaca Energy, which has a market cap of £3.50 billion and an unusually high price-to-earnings ratio of -3,079.71.

Ithaca Energy plc (LON:ITH - Get Free Report) shares traded down 10.9% during mid-day trading on Tuesday . The stock traded as low as GBX 197 ($2.67) and last traded at GBX 211.50 ($2.87). 118,031,664 shares changed hands during trading, an increase of 5,092% from the average session volume of 2,273,339 shares. The stock had previously closed at GBX 237.50 ($3.22).

Analyst Ratings Changes

Separately, Shore Capital reissued a "no recommendation" rating on shares of Ithaca Energy in a research report on Tuesday.

Ithaca Energy Stock Down 10.5%

The firm has a market cap of £3.50 billion and a price-to-earnings ratio of -3,079.71. The company's 50-day moving average price is GBX 176.33 and its 200-day moving average price is GBX 153.06.

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.

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