Ithaca Energy (LON:ITH) Trading Up 8.7% - Here's Why

Key Points

• Ithaca Energy shares rose 8.7% on Friday, reaching a high of GBX 215 ($2.88) and closing at GBX 214 ($2.87).
• Trading volume increased by 58% compared to the average session, with nearly 2.5 million shares exchanged.
• The company's market capitalization stands at £4.52 billion, with a price-to-earnings ratio of 24.72, highlighting its strong position in the UK North Sea energy sector.

Ithaca Energy plc (LON:ITH - Get Free Report) shares shot up 8.7% during trading on Friday . The stock traded as high as GBX 215 ($2.90) and last traded at GBX 214 ($2.89). 2,496,824 shares traded hands during trading, an increase of 58% from the average session volume of 1,576,806 shares. The stock had previously closed at GBX 196.80 ($2.66).

Analyst Upgrades and Downgrades

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

Ithaca Energy Stock Performance

The stock's fifty day moving average is GBX 173.04 and its 200 day moving average is GBX 150.70. The stock has a market cap of £4.71 billion and a P/E ratio of 25.81.

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.