Serica Energy (LON:SQZ) Shares Down 12.4% - Here's What Happened

Key Points

• Serica Energy's stock price dropped by 12.4% to GBX 187.11 ($2.51) amid a significant trading volume increase, with 69.4 million shares changing hands.
• Despite the decline, several analysts maintain a "buy" rating on the stock, with target prices ranging from GBX 190 to GBX 240.
• Serica Energy has a market capitalization of £747.27 million and holds interests in several oil and gas fields in the UK, including the Keith and Bruce fields.

Serica Energy plc (LON:SQZ - Get Free Report)'s stock price fell 12.4% on Wednesday . The company traded as low as GBX 182 ($2.44) and last traded at GBX 187.11 ($2.51). 69,403,266 shares traded hands during mid-day trading, an increase of 2,780% from the average session volume of 2,410,071 shares. The stock had previously closed at GBX 213.50 ($2.87).

Wall Street Analyst Weigh In

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

Serica Energy Price Performance

The stock's fifty day moving average price is GBX 173.34 and its 200-day moving average price is GBX 156.26. The company has a debt-to-equity ratio of 26.31, a current ratio of 1.69 and a quick ratio of 1.22. The firm has a market cap of £747.27 million, a price-to-earnings ratio of -2,391.86, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44.

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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