Serica Energy (LON:SQZ) Stock Price Down 10.6% - Here's What Happened

Key Points

• Serica Energy's stock price fell by 10.6% on Wednesday, trading as low as GBX 182 ($2.44) before closing at GBX 190.80 ($2.56).
• Despite the decline, multiple brokerages maintain a "buy" rating" for Serica Energy, with target prices ranging from GBX 190 to GBX 240.
• The company has a market capitalization of £745.12 million and holds significant interests in several oil and gas fields in the UK.

Serica Energy plc (LON:SQZ - Get Free Report) shares were down 10.6% during mid-day trading on Wednesday . The company traded as low as GBX 182 ($2.44) and last traded at GBX 190.80 ($2.56). Approximately 6,142,699 shares changed hands during trading, an increase of 195% from the average daily volume of 2,085,658 shares. The stock had previously closed at GBX 213.50 ($2.87).

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SQZ. Shore Capital reissued a "buy" rating and issued a GBX 225 price objective on shares of Serica Energy in a research note on Wednesday. Jefferies Financial Group restated a "buy" rating and issued a GBX 190 target price on shares of Serica Energy in a research note on Tuesday, August 5th. JPMorgan Chase & Co. restated a "buy" rating and issued a GBX 215 target price on shares of Serica Energy in a research note on Wednesday, August 13th. Canaccord Genuity Group raised their target price on shares of Serica Energy from GBX 215 to GBX 240 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Finally, Peel Hunt restated a "buy" rating and issued a GBX 207 target price on shares of Serica Energy in a research note on Tuesday, September 30th. Six investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of GBX 212.83.

Serica Energy Stock Down 10.6%

The company has a market capitalization of £745.12 million, a PE ratio of -2,385.00, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44. The firm's 50-day simple moving average is GBX 173.34 and its 200 day simple moving average is GBX 156.26. 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.

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