Serica Energy (LON:SQZ) Trading Down 10.4% - Here's Why

Key Points

• Serica Energy shares dropped by 10.4% on Wednesday, trading as low as GBX 182 ($2.44) amid a significant increase in trading volume.
• Despite the recent decline, six analysts have rated Serica Energy stock as a "Buy", with a consensus target price of GBX 212.
• The company's market capitalization stands at £746.26 million, with a notable P/E ratio of -2,388.63 indicating potential challenges in profitability assessment.

Serica Energy plc (LON:SQZ - Get Free Report) was down 10.4% on Wednesday . The company traded as low as GBX 182 ($2.44) and last traded at GBX 191.38 ($2.57). Approximately 70,415,711 shares were traded during mid-day trading, an increase of 2,815% from the average daily volume of 2,415,263 shares. The stock had previously closed at GBX 213.50 ($2.87).

Analysts Set New Price Targets

A number of equities analysts have recently commented on SQZ shares. Shore Capital restated a "buy" rating on shares of Serica Energy in a research note on Wednesday, September 10th. JPMorgan Chase & Co. restated a "buy" rating and set a GBX 215 price objective on shares of Serica Energy in a research note on Wednesday, August 13th. Peel Hunt restated a "buy" rating and set a GBX 207 price objective on shares of Serica Energy in a research note on Tuesday, September 30th. Canaccord Genuity Group increased their price objective 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, Jefferies Financial Group restated a "buy" rating and set a GBX 190 price objective on shares of Serica Energy in a research note on Tuesday, August 5th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Serica Energy has a consensus rating of "Buy" and an average target price of GBX 212.

Serica Energy Stock Performance

The company's fifty day simple moving average is GBX 173.34 and its two-hundred day simple moving average is GBX 156.26. The stock has a market capitalization of £746.26 million, a P/E ratio of -2,388.63, 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.

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