Ithaca Energy (LON:ITH) Trading Up 10.5% - Here's What Happened

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.

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

Analysts Set New Price Targets

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

Ithaca Energy Price Performance

The stock's fifty day simple moving average is GBX 169.82 and its 200-day simple moving average is GBX 149.04. The company has a market capitalization of £4.61 billion and a P/E ratio of 25.24.

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.