Ithaca Energy (LON:ITH) Trading 10.5% Higher - Should You Buy?

Key Points

• Ithaca Energy plc shares rose by 10.5% during trading, reaching a high of GBX 198.80 ($2.68) with a significant trading volume increase of 188% compared to its average.
• The company has a current market capitalization of £4.18 billion and a P/E ratio of 22.90, indicating a strong financial position in the market.
• Despite the stock surge, Shore Capital reaffirmed a "not rated" rating on Ithaca Energy, signaling cautious observation from analysts.

Shares of Ithaca Energy plc (LON:ITH - Get Free Report) shot up 10.5% during trading on Wednesday . The company traded as high as GBX 198.80 ($2.69) and last traded at GBX 197 ($2.66). 4,552,853 shares traded hands during trading, an increase of 188% from the average session volume of 1,578,880 shares. The stock had previously closed at GBX 178.20 ($2.41).

Wall Street Analyst Weigh In

Separately, Shore Capital reiterated a "not rated" rating on shares of Ithaca Energy in a research note on Wednesday.

Ithaca Energy Stock Up 3.3%

The stock has a market capitalization of £4.61 billion and a PE ratio of 25.24. The business's 50-day moving average is GBX 169.82 and its two-hundred day moving average is GBX 148.91.

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.