Ithaca Energy (LON:ITH) Stock Price Down 13.3% - Time to Sell?

Key Points

• Ithaca Energy plc shares experienced a significant drop of 13.3%, falling from GBX 237.50 to a low of GBX 197 during mid-day trading.
• The company's trading volume surged by 314% during the session, reaching 6,685,744 shares compared to an average of 1,614,488 shares.
• Despite the stock's decline, Wall Street analysts, including Shore Capital, have maintained a "no recommendation" rating on Ithaca Energy shares.

Shares of Ithaca Energy plc (LON:ITH - Get Free Report) fell 13.3% during trading on Wednesday . The company traded as low as GBX 197 ($2.66) and last traded at GBX 206 ($2.78). 6,685,744 shares traded hands during trading, an increase of 314% from the average session volume of 1,614,488 shares. The stock had previously closed at GBX 237.50 ($3.21).

Wall Street Analyst Weigh In

Separately, Shore Capital reaffirmed a "no recommendation" rating on shares of Ithaca Energy in a research note on Tuesday, September 2nd.

Ithaca Energy Stock Down 1.4%

The company has a market capitalization of £3.06 billion and a PE ratio of -1,750.94. The business's 50 day simple moving average is GBX 179.02 and its 200 day simple moving average is GBX 154.69.

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.