Ithaca Energy (LON:ITH) Shares Up 8.7% - Here's What Happened

Key Points

• Ithaca Energy's shares increased by 8.7% during trading, reaching a high of GBX 215 ($2.88) and closing at GBX 214 ($2.87) after significant trading volume, which was 58% above the average.
• The company has a market capitalization of £4.52 billion and a price-to-earnings (PE) ratio of 24.72, with notable growth driven by recent acquisitions.
• Shore Capital recently reaffirmed a "not rated" rating on Ithaca Energy shares, indicating analysts have not yet set specific price targets for the stock.

Ithaca Energy plc (LON:ITH - Get Free Report) shares traded up 8.7% during mid-day trading on Friday . The company traded as high as GBX 215 ($2.90) and last traded at GBX 214 ($2.89). 2,496,824 shares traded hands during mid-day trading, an increase of 58% from the average session volume of 1,576,806 shares. The stock had previously closed at GBX 196.80 ($2.66).

Wall Street Analysts Forecast Growth

Separately, Shore Capital reaffirmed a "not rated" rating on shares of Ithaca Energy in a report on Wednesday, August 20th.

Ithaca Energy Stock Performance

The stock has a market capitalization of £4.71 billion and a price-to-earnings ratio of 25.81. The company has a fifty day simple moving average of GBX 173.04 and a 200 day simple moving average of GBX 150.70.

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.