Serica Energy (LON:SQZ) Shares Down 10.5% - Here's What Happened

Key Points

• Serica Energy's shares fell by 10.5% during mid-day trading, dropping to GBX 191.09 ($2.57) after previously closing at GBX 213.50 ($2.87).
• Despite the recent decline, the company has a consensus rating of "Buy" from six analysts, with a target price of GBX 212.
• Serica Energy, an upstream oil and gas company in the UK, holds significant interests in multiple oil and gas fields, including 100% interest in the Keith oil field and 98% interest in the Bruce field.

Serica Energy plc (LON:SQZ - Get Free Report)'s share price fell 10.5% during mid-day trading on Wednesday . The stock traded as low as GBX 182 ($2.44) and last traded at GBX 191.09 ($2.57). 70,440,039 shares traded hands during trading, an increase of 2,816% from the average session volume of 2,415,388 shares. The stock had previously closed at GBX 213.50 ($2.87).

Analyst Ratings Changes

SQZ has been the subject of several recent analyst reports. Canaccord Genuity Group raised their price objective 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. Shore Capital restated a "buy" rating on shares of Serica Energy in a research report on Wednesday, September 10th. Peel Hunt restated a "buy" rating and set a GBX 207 price objective on shares of Serica Energy in a research report on Tuesday, September 30th. Jefferies Financial Group restated a "buy" rating and set a GBX 190 price objective on shares of Serica Energy in a research report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. restated a "buy" rating and set a GBX 215 price objective on shares of Serica Energy in a research report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of GBX 212.

Serica Energy Stock Down 10.5%

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 stock has a market cap of £746.26 million, a price-to-earnings ratio of -2,388.63, a PEG ratio of 2.15 and a beta of 0.44. The business's fifty day moving average is GBX 173.34 and its two-hundred day 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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