Ithaca Energy (LON:ITH) Trading Down 13.3% - Should You Sell?

Key Points

• Ithaca Energy plc shares fell 13.3% on Wednesday, with the stock trading between GBX 197 ($2.64) and GBX 206 ($2.76).
• There was a significant increase in trading volume, with approximately 6.7 million shares changing hands, a 314% rise from the average daily volume.
• Shore Capital has reissued a "no recommendation" rating on Ithaca Energy, while the company focuses on growing its assets through acquisitions and organic investment.

Ithaca Energy plc (LON:ITH - Get Free Report)'s stock price fell 13.3% during mid-day trading on Wednesday . The company traded as low as GBX 197 ($2.66) and last traded at GBX 206 ($2.78). 6,685,744 shares changed hands during trading, an increase of 314% from the average session volume of 1,614,488 shares. The stock had previously closed at GBX 237.50 ($3.21).

Wall Street Analyst Weigh In

Separately, Shore Capital restated a "no recommendation" rating on shares of Ithaca Energy in a report on Tuesday, September 2nd.

Ithaca Energy Trading Down 1.4%

The firm has a 50 day moving average price of GBX 179.02 and a 200-day moving average price of GBX 154.69. The firm has a market cap of £3.06 billion and a PE ratio of -1,750.94.

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.