Serica Energy (LON:SQZ) Shares Down 10.6% - Here's What Happened

Key Points

• Serica Energy's shares fell by 10.6%, reaching a low of GBX 182 ($2.44) during trading, with a significant volume increase of 195% from the average session.
• Despite the recent decline, multiple analysts, including JPMorgan Chase and Canaccord Genuity, maintain a "buy" rating on the stock, with price targets ranging from GBX 190 to GBX 240.
• Serica Energy has a market capitalization of £745.12 million and operates primarily in the UK, holding interests in key offshore oil and gas fields including the Bruce and Keith fields.

Serica Energy plc (LON:SQZ - Get Free Report)'s share price fell 10.6% during trading on Wednesday . The company traded as low as GBX 182 ($2.44) and last traded at GBX 190.80 ($2.56). 6,142,699 shares traded hands during trading, an increase of 195% from the average session volume of 2,085,658 shares. The stock had previously closed at GBX 213.50 ($2.87).

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SQZ shares. 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. 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. Canaccord Genuity Group upped their price target on Serica Energy from GBX 215 to GBX 240 and gave the company a "buy" rating in a research report on Friday, October 3rd. Shore Capital reiterated a "buy" rating and issued a GBX 225 price target on shares of Serica Energy in a research report on Wednesday. Finally, Jefferies Financial Group restated a "buy" rating and set a GBX 190 target price on shares of Serica Energy in a research report on Tuesday, August 5th. Six analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of GBX 212.83.

Serica Energy Trading Down 10.6%

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 capitalization of £745.12 million, a PE ratio of -2,385.00, a P/E/G ratio of 2.15 and a beta of 0.44. The firm has a 50 day moving average price of GBX 173.34 and a 200 day moving average price of GBX 156.26.

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.

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