Serica Energy (LON:SQZ) Shares Down 13.8% - Here's Why

Key Points

• Serica Energy's stock fell 13.8% in a single day of trading, closing at GBX 153.20 ($2.07) after earlier prices reached as low as GBX 146 ($1.98).
• Despite the drop, multiple analysts have given the company a "buy" rating and set target prices ranging from GBX 190 to GBX 215, with an average price target of GBX 203.
• Insider Martin Copeland bought 45,000 shares at an average price of GBX 161, reinforcing confidence in the company's prospects.

Serica Energy plc (LON:SQZ - Get Free Report)'s stock price was down 13.8% on Wednesday . The stock traded as low as GBX 146 ($1.98) and last traded at GBX 153.20 ($2.08). Approximately 29,646,795 shares traded hands during trading, an increase of 1,279% from the average daily volume of 2,149,271 shares. The stock had previously closed at GBX 177.80 ($2.41).

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Jefferies Financial Group reiterated a "buy" rating and set a GBX 190 price objective on shares of Serica Energy in a research report on Tuesday, August 5th. Shore Capital reiterated a "buy" rating on shares of Serica Energy in a report on Wednesday, September 10th. JPMorgan Chase & Co. restated a "buy" rating and set a GBX 215 price objective on shares of Serica Energy in a report on Wednesday, August 13th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a GBX 190 target price on shares of Serica Energy in a research note on Thursday, July 31st. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, Serica Energy currently has a consensus rating of "Buy" and an average target price of GBX 203.

Serica Energy Stock Performance

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 has a 50 day moving average price of GBX 168.81 and a 200 day moving average price of GBX 150.32. The stock has a market cap of £624.06 million, a PE ratio of -1,997.50, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44.

Insider Buying and Selling

In other Serica Energy news, insider Martin Copeland purchased 45,000 shares of Serica Energy stock in a transaction dated Thursday, July 3rd. The stock was acquired at an average price of GBX 161 per share, for a total transaction of £72,450. Company insiders own 63.80% of the company's stock.

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.