Ithaca Energy (LON:ITH) Trading 10.8% Higher - Here's Why

Key Points

• Ithaca Energy plc saw its stock price increase by 10.8%, closing at GBX 197.40 ($2.66), after trading as high as GBX 198.20 ($2.67).
• The stock volume rose significantly, with 4.3 million shares traded, marking a 174% increase from its average trading volume.
• Ithaca Energy, a UK independent exploration and production company, has focused on growing its asset portfolio through acquisitions and organic investments.

Shares of Ithaca Energy plc (LON:ITH - Get Free Report) were up 10.8% during trading on Wednesday . The stock traded as high as GBX 198.20 ($2.68) and last traded at GBX 197.40 ($2.67). Approximately 4,318,993 shares changed hands during trading, an increase of 174% from the average daily volume of 1,577,427 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 research report on Wednesday, August 20th.

Ithaca Energy Price Performance

The business has a fifty day simple moving average of GBX 169.82 and a 200 day simple moving average of GBX 149.04. The firm has a market cap of £4.61 billion and a price-to-earnings ratio of 25.24.

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.