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

Key Points

• Ithaca Energy's share price fell by 13.3%, trading as low as GBX 197 ($2.64) on Tuesday, with significant trading volume increasing by 314% compared to the average daily volume.
• Shore Capital maintained a "no recommendation" rating for Ithaca Energy in a recent research note, indicating uncertain market sentiment regarding the stock.
• The company has a market capitalization of £3.39 billion and is focused on growth through both organic investment and acquisitions in the UK North Sea.

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

Wall Street Analyst Weigh In

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

Ithaca Energy Stock Down 13.3%

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

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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