Serica Energy (LON:SQZ) Trading Down 15.3% - What's Next?

Key Points

• Serica Energy's shares fell by 15.3% during trading, reaching a low of GBX 146 ($1.98) before closing at GBX 150.60 ($2.04).
• Despite the decline, equity analysts maintain a consensus "buy" rating, with several setting price targets ranging from GBX 190 to GBX 215.
• Insider Martin Copeland recently bought 45,000 shares at an average price of GBX 161, indicating confidence in the company's potential.

Serica Energy plc (LON:SQZ - Get Free Report) traded down 15.3% on Wednesday . The company traded as low as GBX 146 ($1.98) and last traded at GBX 150.60 ($2.04). 29,118,072 shares changed hands during mid-day trading, an increase of 1,257% from the average session volume of 2,146,250 shares. The stock had previously closed at GBX 177.80 ($2.41).

Analyst Ratings Changes

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

Serica Energy Stock Up 5.5%

The firm's 50-day simple moving average is GBX 168.81 and its 200 day simple moving average is GBX 150.16. The company has a debt-to-equity ratio of 26.31, a quick ratio of 1.22 and a current ratio of 1.69. The stock has a market capitalization of £625.62 million, a P/E ratio of -2,002.50, a PEG ratio of 2.15 and a beta of 0.44.

Insider Activity

In other news, insider Martin Copeland bought 45,000 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were bought at an average cost of GBX 161 per share, with a total value of £72,450. Insiders own 63.80% of the company's stock.

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.