Serica Energy (LON:SQZ) Given "Buy" Rating at Canaccord Genuity Group

Key Points

• Serica Energy's stock received a "buy" rating from Canaccord Genuity Group, with a price target of GBX 190 ($2.52), indicating a potential upside of 12.69% from the current price.
• In separate coverage, Shore Capital also reaffirmed a "buy" rating for Serica Energy, setting a higher target price of GBX 221 ($2.93).
• Insider Martin Copeland purchased 45,000 shares at GBX 161 ($2.13) per share, reflecting confidence in the company's performance as insiders own 37.70% of the stock.

Canaccord Genuity Group restated their buy rating on shares of Serica Energy (LON:SQZ - Free Report) in a research note published on Thursday morning, Marketbeat.com reports. The firm currently has a GBX 190 ($2.53) target price on the stock.

Separately, Shore Capital reiterated a "buy" rating and issued a GBX 221 ($2.94) price objective on shares of Serica Energy in a report on Wednesday, July 23rd.

Serica Energy Price Performance

Shares of SQZ traded down GBX 6.20 ($0.08) during midday trading on Thursday, reaching GBX 157.20 ($2.09). The stock had a trading volume of 2,586,774 shares, compared to its average volume of 2,045,651. The company's 50-day moving average is GBX 163.74 and its 200 day moving average is GBX 144.13. Serica Energy has a 12-month low of GBX 110.40 ($1.47) and a 12-month high of GBX 188 ($2.50). The company has a current ratio of 1.69, a quick ratio of 1.22 and a debt-to-equity ratio of 26.31. The company has a market capitalization of £774.72 million, a price-to-earnings ratio of -108.34, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44.

Insider Activity

In other news, insider Martin Copeland purchased 45,000 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were purchased at an average cost of GBX 161 ($2.14) per share, for a total transaction of £72,450 ($96,291.87). 37.70% of the stock is currently owned by company insiders.

Serica Energy Company Profile

Serica Energy plc, an upstream oil and gas company, identifies, acquires, explores, exploits, and produces oil and gas reserves in the United Kingdom. The company holds 100% interest in the Keith oil field; 98% interest in the Bruce field; and 50% interest in the Rhum gas field located in the Northern North Sea, as well as 18% non-operating interest in the Erskine field located in Central North Sea.