Ithaca Energy (LON:ITH) Shares Up 10.5% - Still a Buy?

Key Points

• Ithaca Energy's stock price surged by 10.5% during Wednesday's trading session, reaching a high of GBX 198.80 ($2.68).
• Trading volume increased significantly to approximately 4.55 million shares, up by 188% from the average daily volume.
• The company, which focuses on the UK North Sea, has a market cap of £4.11 billion and aims to grow through acquisitions and organic investments.

Ithaca Energy plc (LON:ITH - Get Free Report)'s stock price was up 10.5% during mid-day trading on Wednesday . The company traded as high as GBX 198.80 ($2.69) and last traded at GBX 197 ($2.66). Approximately 4,552,853 shares traded hands during mid-day 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).

Wall Street Analysts Forecast Growth

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

Ithaca Energy Stock Performance

The company has a market capitalization of £4.61 billion and a price-to-earnings ratio of 25.24. The firm's 50-day simple moving average is GBX 169.82 and its 200-day simple moving average is GBX 149.04.

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.