Ithaca Energy (LON:ITH) Trading 10.4% Higher - Should You Buy?

Key Points

• Ithaca Energy's shares surged by 10.4% on Thursday, reaching a high of GBX 200.50 ($2.70) before closing at GBX 196.80 ($2.65).
• The stock's trading volume increased significantly to 3,298,965 shares, which is a 110% rise from its average session volume.
• Ithaca Energy has a market capitalization of £4.42 billion and a P/E ratio of 24.21, reflecting its growth focus through both acquisitions and organic investment programs.

Shares of Ithaca Energy plc (LON:ITH - Get Free Report) were up 10.4% on Thursday . The company traded as high as GBX 200.50 ($2.70) and last traded at GBX 196.80 ($2.65). Approximately 3,298,965 shares traded hands during trading, an increase of 110% from the average daily volume of 1,571,092 shares. The stock had previously closed at GBX 178.20 ($2.40).

Wall Street Analyst Weigh In

Separately, Shore Capital restated a "not rated" rating on shares of Ithaca Energy in a research report on Wednesday, August 20th.

Ithaca Energy Trading Down 0.2%

The business's fifty day simple moving average is GBX 170.94 and its 200-day simple moving average is GBX 149.69. The firm has a market cap of £4.60 billion and a P/E ratio of 25.18.

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.