Ithaca Energy (LON:ITH) Trading Down 7.9% - What's Next?

Key Points

• Ithaca Energy shares fell 7.9% on Thursday, trading as low as GBX 230 and last at GBX 237.58 on volume of 4.62 million shares (about 10% above the average).
• Jefferies cut its target from GBX 220 to GBX 210 but maintained a "buy" rating; the stock's consensus remains "Buy" with an average target of GBX 205.
• Insider Iain Clifford Scobbie Lewis sold 31,811 shares at GBX 285 on March 19 (insiders own 0.19%), while the company has a market cap of £4.13bn and a negative PE of -49.01, signaling current losses.

Shares of Ithaca Energy plc (LON:ITH - Get Free Report) fell 7.9% during trading on Thursday . The company traded as low as GBX 230 and last traded at GBX 237.58. 4,624,259 shares traded hands during trading, an increase of 10% from the average session volume of 4,195,542 shares. The stock had previously closed at GBX 258.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group decreased their target price on Ithaca Energy from GBX 220 to GBX 210 and set a "buy" rating on the stock in a research report on Thursday, February 5th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of GBX 205.

Ithaca Energy Stock Up 3.3%

The firm has a market cap of £4.13 billion, a PE ratio of -49.01 and a beta of 0.84. The firm's 50 day moving average is GBX 226.01 and its 200-day moving average is GBX 200.65.

Insiders Place Their Bets

In other Ithaca Energy news, insider Iain Clifford Scobbie Lewis sold 31,811 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of GBX 285, for a total transaction of £90,661.35. 0.19% of the stock is currently owned by corporate insiders.

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. Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), with stakes in six of the ten largest fields in the UKCS and two of UKCS's largest pre-development fields.

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