Serica Energy (LON:SQZ) Shares Down 10.2% - Time to Sell?

Key Points

• Serica Energy's shares experienced a significant decline of 10.2%, trading as low as GBX 182 ($2.44) from a previous close of GBX 213.50 ($2.87).
• Despite the recent drop, several analysts have maintained a "buy" rating for Serica Energy, with target prices ranging from GBX 190 to GBX 240.
• The company is focused on upstream oil and gas operations in the UK, holding interests in key fields such as the Keith, Bruce, and Rhum fields.

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

Wall Street Analysts Forecast Growth

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

Serica Energy Price Performance

The firm has a market capitalization of £749.03 million, a PE ratio of -2,397.50, a PEG ratio of 2.15 and a beta of 0.44. The company has a quick ratio of 1.22, a current ratio of 1.69 and a debt-to-equity ratio of 26.31. The firm's fifty 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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