Serica Energy (LON:SQZ) Trading Down 10.4% - What's Next?

Key Points

• Serica Energy's shares dropped by 10.4% on Wednesday, trading as low as GBX 182 ($2.44) before recovering slightly to GBX 191.38 ($2.57).
• Despite the decline, several analysts maintain a "buy" rating for the stock, with varying price targets; Canaccord Genuity recently raised its target to GBX 240.
• Serica Energy has a market capitalization of £746.26 million and a notably high P/E ratio of -2,388.63, indicating some financial challenges.

Shares of Serica Energy plc (LON:SQZ - Get Free Report) fell 10.4% on Wednesday . The stock traded as low as GBX 182 ($2.44) and last traded at GBX 191.38 ($2.57). 70,415,711 shares were traded during trading, an increase of 2,815% from the average session 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 issued reports on the company. Canaccord Genuity Group increased their price target on Serica Energy from GBX 215 to GBX 240 and gave the stock a "buy" rating in a research report on Friday, October 3rd. Shore Capital reaffirmed a "buy" rating on shares of Serica Energy in a research note on Wednesday, September 10th. Peel Hunt reissued a "buy" rating and set a GBX 207 target price on shares of Serica Energy in a research note on Tuesday, September 30th. JPMorgan Chase & Co. reaffirmed a "buy" rating and set a GBX 215 price target on shares of Serica Energy in a report on Wednesday, August 13th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a GBX 190 target price on shares of Serica Energy in a research report on Tuesday, August 5th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat, Serica Energy has an average rating of "Buy" and an average target price of GBX 212.

Serica Energy Stock Performance

The stock has a market capitalization of £746.26 million, a P/E ratio of -2,388.63, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44. The company has a fifty day moving average of GBX 173.34 and a two-hundred day moving average of GBX 156.26. The company has a debt-to-equity ratio of 26.31, a current ratio of 1.69 and a quick ratio of 1.22.

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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