Ithaca Energy (LON:ITH) Trading Down 13.3% - Here's What Happened

Key Points

• Ithaca Energy's stock price dropped 13.3% on Tuesday, trading as low as GBX 197 ($2.64) before closing at GBX 206 ($2.76), with trading volume significantly increasing by 314% from average levels.
• The company holds a market capitalization of £3.39 billion and has a notably high P/E ratio of -2,985.51, indicating recent financial challenges.
• Shore Capital restated its "no recommendation" rating on Ithaca Energy, signaling indecision regarding the stock's future performance.

Ithaca Energy plc (LON:ITH - Get Free Report)'s stock price traded down 13.3% on Tuesday . The stock traded as low as GBX 197 ($2.64) and last traded at GBX 206 ($2.76). 6,685,744 shares changed hands during mid-day trading, an increase of 314% from the average session volume of 1,614,488 shares. The stock had previously closed at GBX 237.50 ($3.18).

Analyst Ratings Changes

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

Ithaca Energy Stock Performance

The stock has a market capitalization of £3.39 billion and a P/E ratio of -2,985.51. The company's fifty day simple moving average is GBX 177.18 and its two-hundred day simple moving average is GBX 153.42.

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.

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