Ithaca Energy (LON:ITH) Shares Up 0.6% - Here's What Happened

Key Points

• Shares rose 0.6% to GBX 270.20 (intraday high GBX 277.20) with 1,068,968 shares traded — about an 80% decline from the average session volume of 5,301,397.
• Jefferies cut its target from GBX 220 to GBX 210 but kept a "buy" rating; the consensus remains an average "Buy" with a price target of GBX 205.
• Insider Iain Clifford Scobbie Lewis sold 31,588 shares at GBX 267 on March 20th for roughly £84,340, and insiders now own just 0.19% of the company.

Ithaca Energy plc (LON:ITH - Get Free Report) shot up 0.6% on Thursday . The company traded as high as GBX 277.20 and last traded at GBX 270.20. 1,068,968 shares were traded during mid-day trading, a decline of 80% from the average session volume of 5,301,397 shares. The stock had previously closed at GBX 268.60.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group lowered their target price on Ithaca Energy from GBX 220 to GBX 210 and set a "buy" rating for the company in a research note on Thursday, February 5th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of GBX 205.

Ithaca Energy Stock Performance

The firm has a market cap of £4.46 billion, a P/E ratio of -52.98 and a beta of 0.34. The business has a 50-day simple moving average of GBX 248.16 and a 200 day simple moving average of GBX 207.37.

Insider Transactions at Ithaca Energy

In other Ithaca Energy news, insider Iain Clifford Scobbie Lewis sold 31,588 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of GBX 267, for a total value of £84,339.96. Insiders own 0.19% of the company's stock.

Ithaca Energy Company Profile

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.

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