Serica Energy (LON:SQZ) Stock Price Down 13.4% - Here's What Happened

Key Points

• Serica Energy's stock price dropped 13.4% on Wednesday, trading as low as GBX 146 ($1.98) after closing at GBX 177.80 ($2.41).
• Despite the recent decline, several analysts maintained a "buy" rating" on Serica Energy, with target prices ranging from GBX 190 to GBX 215.
• Insider Martin Copeland purchased 45,000 shares of Serica Energy at an average price of GBX 161, indicating confidence in the company's future.

Serica Energy plc (LON:SQZ - Get Free Report)'s share price fell 13.4% on Wednesday . The stock traded as low as GBX 146 ($1.98) and last traded at GBX 154 ($2.08). 28,572,934 shares traded hands during mid-day trading, an increase of 1,233% from the average session volume of 2,143,135 shares. The stock had previously closed at GBX 177.80 ($2.41).

Wall Street Analysts Forecast Growth

SQZ has been the subject of a number of research analyst reports. Jefferies Financial Group reaffirmed a "buy" rating and issued a GBX 190 target price on shares of Serica Energy in a research note on Tuesday, August 5th. Shore Capital reaffirmed a "buy" rating on shares of Serica Energy in a research report on Wednesday. Canaccord Genuity Group reissued a "buy" rating and issued a GBX 190 target price on shares of Serica Energy in a research report on Thursday, July 31st. Finally, 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. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Serica Energy has a consensus rating of "Buy" and a consensus price target of GBX 203.

Serica Energy Stock Down 13.6%

The firm has a fifty day moving average of GBX 169.15 and a 200-day moving average of GBX 149.57. 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 firm has a market cap of £599.63 million, a P/E ratio of -1,919.31, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44.

Insider Activity

In related news, insider Martin Copeland acquired 45,000 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was bought at an average price of GBX 161 per share, with a total value of £72,450. 63.80% of the stock is currently 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.

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