Serica Energy (LON:SQZ) Shares Down 14.5% - Here's What Happened

Key Points

• Serica Energy's shares dropped by 14.5%, trading as low as GBX 146 ($1.98) and closing at GBX 152 ($2.06), significantly higher than its average trading volume.
• Despite the recent decline, several analysts have maintained a buy rating for Serica Energy, with price targets set between GBX 190 and GBX 215.
• Insider Martin Copeland purchased 45,000 shares at an average cost of GBX 161, contributing to corporate insiders owning 63.80% of the company's stock.

Serica Energy plc (LON:SQZ - Get Free Report) fell 14.5% on Wednesday . The company traded as low as GBX 146 ($1.98) and last traded at GBX 152 ($2.06). 30,266,434 shares traded hands during trading, an increase of 1,306% from the average session volume of 2,152,812 shares. The stock had previously closed at GBX 177.80 ($2.41).

Analysts Set New Price Targets

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

Serica Energy Stock Down 14.5%

The company has a market cap of £593.60 million, a PE ratio of -1,900.00, a P/E/G ratio of 2.15 and a beta of 0.44. The business has a 50-day simple moving average of GBX 169.15 and a 200-day simple moving average of GBX 149.57. The company has a quick ratio of 1.22, a current ratio of 1.69 and a debt-to-equity ratio of 26.31.

Insider Transactions at Serica Energy

In other news, insider Martin Copeland acquired 45,000 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was bought at an average cost of GBX 161 per share, for a total transaction of £72,450. Corporate 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.

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