Ithaca Energy (LON:ITH) Shares Down 13.7% - What's Next?

Key Points

• Ithaca Energy's shares experienced a significant decline of 13.7%, trading as low as GBX 197 ($2.67) compared to a previous close of GBX 237.50 ($3.22).
• Increased trading volume was reported with 118 million shares changing hands, marking a 5,117% rise from the average session volume.
• Shore Capital has reissued a "no recommendation" rating for Ithaca Energy, indicating uncertainty about the stock's future performance.

Shares of Ithaca Energy plc (LON:ITH - Get Free Report) fell 13.7% during mid-day trading on Tuesday . The company traded as low as GBX 197 ($2.67) and last traded at GBX 205 ($2.78). 118,797,508 shares traded hands during mid-day trading, an increase of 5,117% from the average session volume of 2,277,120 shares. The stock had previously closed at GBX 237.50 ($3.22).

Wall Street Analyst Weigh In

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

Ithaca Energy Price Performance

The stock's 50 day simple moving average is GBX 176.33 and its two-hundred day simple moving average is GBX 153.06. The firm has a market cap of £3.39 billion and a P/E ratio of -2,985.51.

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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