Serica Energy (LON:SQZ) Trading Down 14.5% - Here's What Happened

Key Points

• Serica Energy's stock price dropped by 14.5%, falling to GBX 152 ($2.06) from a previous close of GBX 177.80 ($2.41), with trading volume significantly increasing by 359% compared to average daily volume.
• Despite the recent decline, five analysts have maintained a "buy" rating on the stock, with a consensus price target of GBX 203, indicating positive sentiment among experts.
• Insider Martin Copeland purchased 45,000 shares at an average price of GBX 161 – a sign of confidence, as insiders own 63.80% of the stock.

Serica Energy plc (LON:SQZ - Get Free Report)'s share price fell 14.5% on Wednesday . The stock traded as low as GBX 146 ($1.98) and last traded at GBX 152 ($2.06). 9,339,462 shares were traded 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

Several research firms have weighed in on SQZ. JPMorgan Chase & Co. reissued a "buy" rating and issued a GBX 215 target price on shares of Serica Energy in a report on Wednesday, August 13th. Jefferies Financial Group reissued a "buy" rating and issued a GBX 190 target price on shares of Serica Energy in a report on Tuesday, August 5th. 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, Shore Capital reaffirmed a "buy" rating on shares of Serica Energy in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Serica Energy has an average rating of "Buy" and an average target price of GBX 203.

Serica Energy Price Performance

The company has a 50-day moving average of GBX 168.84 and a two-hundred day moving average of GBX 149.76. The stock has a market capitalization of £625.62 million, a PE ratio of -2,002.50, a P/E/G ratio of 2.15 and a beta of 0.44. The company has a debt-to-equity ratio of 26.31, a current ratio of 1.69 and a quick ratio of 1.22.

Insider Buying and Selling at Serica Energy

In other news, insider Martin Copeland acquired 45,000 shares of Serica Energy stock in a transaction dated 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 owned by corporate insiders.

Serica Energy Company Profile

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.