Ithaca Energy (LON:ITH) Stock Price Up 10.4% - Here's Why

Key Points

• Ithaca Energy's shares rose by 10.4% on Wednesday, reaching a high of GBX 200.50 ($2.70) before closing at GBX 196.80 ($2.65).
• The company's market capitalization stands at £4.41 billion with a P/E ratio of 24.16, indicating strong financial performance.
• Analysts, including Shore Capital, have reaffirmed a "not rated" rating for Ithaca Energy, suggesting caution moving forward.

Ithaca Energy plc (LON:ITH - Get Free Report) shot up 10.4% on Thursday . The company traded as high as GBX 200.50 ($2.71) and last traded at GBX 196.80 ($2.66). 3,298,965 shares were traded during mid-day trading, an increase of 110% from the average session volume of 1,571,092 shares. The stock had previously closed at GBX 178.20 ($2.41).

Wall Street Analyst Weigh In

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

Ithaca Energy Trading Up 3.3%

The company has a market cap of £4.61 billion and a PE ratio of 25.24. The firm has a 50 day moving average of GBX 168.66 and a two-hundred day moving average of GBX 148.11.

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.