Serica Energy (LON:SQZ) Stock Price Down 10.4% - Here's What Happened

Key Points

• Serica Energy plc experienced a significant drop in stock price, falling 10.4% during mid-day trading, reaching a low of GBX 182 ($2.44).
• Despite the recent decline, several research firms have maintained a "buy" rating for the stock, with target prices ranging from GBX 190 to GBX 240.
• Serica Energy holds key interests in UK oil and gas fields, including a 100% interest in the Keith oil field and a 50% interest in the Rhum gas field.

Serica Energy plc (LON:SQZ - Get Free Report) fell 10.4% during mid-day trading on Wednesday . The stock traded as low as GBX 182 ($2.44) and last traded at GBX 191.35 ($2.57). 69,947,250 shares changed hands during trading, an increase of 2,799% from the average session volume of 2,412,861 shares. The stock had previously closed at GBX 213.50 ($2.87).

Analyst Ratings Changes

Several research firms have issued reports on SQZ. Canaccord Genuity Group boosted their target price on Serica Energy from GBX 215 to GBX 240 and gave the stock a "buy" rating in a research report on Friday, October 3rd. Jefferies Financial Group reiterated a "buy" rating and set a GBX 190 target price on shares of Serica Energy in a research report on Tuesday, August 5th. JPMorgan Chase & Co. restated a "buy" rating and issued a GBX 215 price target on shares of Serica Energy in a report on Wednesday, August 13th. Shore Capital restated a "buy" rating on shares of Serica Energy in a report on Wednesday, September 10th. Finally, Peel Hunt restated a "buy" rating and issued a GBX 207 price target on shares of Serica Energy in a report on Tuesday, September 30th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Serica Energy presently has an average rating of "Buy" and a consensus price target of GBX 212.

Serica Energy Trading Down 10.1%

The business has a fifty day simple moving average of GBX 173.34 and a 200 day simple moving average of GBX 156.26. The stock has a market cap of £749.40 million, a price-to-earnings ratio of -2,398.70, a PEG ratio of 2.15 and a beta of 0.44. The company has a debt-to-equity ratio of 26.31, a quick ratio of 1.22 and a current ratio of 1.69.

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.