Ithaca Energy (LON:ITH) Trading 10.5% Higher - What's Next?

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 shot up 10.5% on Wednesday . The stock traded as high as GBX 198.80 ($2.69) and last traded at GBX 197 ($2.66). 4,552,853 shares traded hands during trading, an increase of 188% from the average session volume of 1,578,880 shares. The stock had previously closed at GBX 178.20 ($2.41).

Analyst Upgrades and Downgrades

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

Ithaca Energy Price Performance

The company has a market capitalization of £4.61 billion and a PE ratio of 25.24. The firm has a 50-day moving average of GBX 169.82 and a 200 day moving average of GBX 148.91.

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.