Ithaca Energy (LON:ITH) Shares Down 5.3% - Here's Why

Key Points

• Ithaca Energy's stock price fell by 5.3% to GBX 188.20 ($2.53) amid increased trading volume of over 12 million shares.
• The company has a market cap of £3.10 billion but a significantly negative price-to-earnings (PE) ratio of -1,775.47.
• Shore Capital has maintained a "no recommendation" rating on Ithaca Energy, indicating a lack of strong buy or sell signals from analysts.

Ithaca Energy plc (LON:ITH - Get Free Report) shares traded down 5.3% during mid-day trading on Friday . The company traded as low as GBX 182.80 ($2.47) and last traded at GBX 188.20 ($2.54). 12,277,204 shares traded hands during trading, an increase of 631% from the average session volume of 1,679,197 shares. The stock had previously closed at GBX 198.80 ($2.69).

Analyst Ratings Changes

Separately, Shore Capital reiterated a "no recommendation" rating on shares of Ithaca Energy in a research note on Tuesday.

Ithaca Energy Price Performance

The firm has a market cap of £3.06 billion and a price-to-earnings ratio of -1,750.94. The business's 50-day moving average price is GBX 179.02 and its two-hundred day moving average price is GBX 154.52.

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.