Ithaca Energy (LON:ITH) Trading Up 1.1% - Should You Buy?

Key Points

• Ithaca Energy shares increased by 1.1%, trading at GBX 199.80 ($2.66), although the trading volume saw a significant decline of 74% from average levels.
• Analysts have a consensus rating of "Buy" for Ithaca Energy, with a target price set at GBX 200, after several recent reports have been published.
• The company, with a market capitalization of £3.22 billion, has experienced significant growth through M&A activities and a focus on expanding its asset portfolio.

Ithaca Energy plc (LON:ITH - Get Free Report) shares were up 1.1% during mid-day trading on Thursday . The stock traded as high as GBX 201 ($2.67) and last traded at GBX 199.80 ($2.66). Approximately 517,658 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,965,658 shares. The stock had previously closed at GBX 197.60 ($2.63).

Wall Street Analysts Forecast Growth

ITH has been the subject of several recent analyst reports. Shore Capital reiterated a "no recommendation" rating on shares of Ithaca Energy in a report on Tuesday, September 2nd. Peel Hunt reiterated a "buy" rating and issued a GBX 200 target price on shares of Ithaca Energy in a report on Wednesday, September 17th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Ithaca Energy has a consensus rating of "Buy" and a consensus price target of GBX 200.

Ithaca Energy Price Performance

The firm's fifty day simple moving average is GBX 192.78 and its 200 day simple moving average is GBX 163.77. The company has a market capitalization of £3.22 billion and a price-to-earnings ratio of -1,842.45.

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.

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