Serica Energy (LON:SQZ) Shares Down 14.5% - What's Next?

Key Points

• Serica Energy's shares experienced a sharp decline, falling 14.5% to trade at GBX 152 ($2.06) after previously closing at GBX 177.80 ($2.41).
• Despite the recent drop, multiple research analysts have maintained a "buy" rating for Serica Energy, with average price targets ranging from GBX 190 to GBX 215.
• Insider activity has been noted as Martin Copeland purchased 45,000 shares at an average cost of GBX 161, indicating confidence from company insiders.

Serica Energy plc (LON:SQZ - Get Free Report) shares traded down 14.5% during trading on Wednesday . The company traded as low as GBX 146 ($1.98) and last traded at GBX 152 ($2.06). 9,339,462 shares changed 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 ($2.41).

Wall Street Analysts Forecast Growth

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

Serica Energy Price Performance

The stock has a market cap of £593.60 million, a P/E ratio of -1,900.00, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44. 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 business's 50-day simple moving average is GBX 169.15 and its two-hundred day simple moving average is GBX 149.57.

Insider Activity 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 shares were acquired at an average cost of GBX 161 per share, with a total value of £72,450. 63.80% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.