Serica Energy (LON:SQZ) Shares Down 10.2% - Here's Why

Key Points

• Serica Energy's shares declined by 10.2%, trading as low as GBX 182 ($2.44) during mid-day trading, with a last traded price of GBX 191.80 ($2.58).
• Despite the recent price drop, the stock maintains a consensus "Buy" rating from analysts, with an average price target of GBX 212.
• The company, which operates primarily in the UK oil and gas sector, has a market cap of £749.03 million and is currently noted for its low PE ratio of -2,397.50.

Serica Energy plc (LON:SQZ - Get Free Report)'s share price was down 10.2% during mid-day trading on Wednesday . The stock traded as low as GBX 182 ($2.44) and last traded at GBX 191.80 ($2.58). Approximately 70,457,953 shares traded hands during trading, an increase of 2,817% from the average daily volume of 2,415,479 shares. The stock had previously closed at GBX 213.50 ($2.87).

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SQZ shares. Shore Capital restated a "buy" rating on shares of Serica Energy in a research report on Wednesday, September 10th. Peel Hunt reiterated a "buy" rating and set a GBX 207 price target on shares of Serica Energy in a research report on Tuesday, September 30th. JPMorgan Chase & Co. reiterated a "buy" rating and set a GBX 215 price target on shares of Serica Energy in a research report on Wednesday, August 13th. Canaccord Genuity Group lifted their price objective on shares of Serica Energy from GBX 215 to GBX 240 and gave the company a "buy" rating in a report on Friday, October 3rd. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a GBX 190 price target on shares of Serica Energy in a research note on Tuesday, August 5th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Serica Energy presently has a consensus rating of "Buy" and an average price target of GBX 212.

Serica Energy Stock Performance

The company has a market cap of £749.03 million, a PE ratio of -2,397.50, a P/E/G ratio of 2.15 and a beta of 0.44. The company has a debt-to-equity ratio of 26.31, a quick ratio of 1.22 and a current ratio of 1.69. The stock's 50-day simple moving average is GBX 173.34 and its 200 day simple moving average is GBX 156.26.

About Serica Energy

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.

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