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

Key Points

• Serica Energy's stock price dropped by 14.5% on Wednesday, reaching a low of GBX 146 ($1.98) before recovering slightly to GBX 152 ($2.06).
• Despite the drop, five research analysts still maintain a "buy" rating for Serica Energy, with a consensus target price of GBX 203.
• Insider Martin Copeland purchased 45,000 shares of the company's stock, indicating continued confidence among corporate insiders who collectively own 63.80% of the company.

Serica Energy plc (LON:SQZ - Get Free Report)'s stock price traded down 14.5% during mid-day trading on Wednesday . The stock traded as low as GBX 146 ($1.99) and last traded at GBX 152 ($2.07). 9,339,462 shares traded hands during mid-day trading, an increase of 359% from the average session volume of 2,033,229 shares. The stock had previously closed at GBX 177.80 ($2.42).

Analysts Set New Price Targets

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

Serica Energy Price Performance

The company has a 50 day simple moving average of GBX 168.82 and a 200-day simple moving average of GBX 150.56. The stock has a market cap of £624.06 million, a price-to-earnings ratio of -1,997.50, a P/E/G ratio of 2.15 and a beta of 0.44. The company has a current ratio of 1.69, a quick ratio of 1.22 and a debt-to-equity ratio of 26.31.

Insider Activity

In other news, insider Martin Copeland purchased 45,000 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were purchased at an average price of GBX 161 per share, with a total value of £72,450. 63.80% of the stock is owned by corporate insiders.

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.