Serica Energy (LON:SQZ) Trading Down 10.5% - Time to Sell?

Key Points

• Serica Energy's shares fell by 10.5% during trading, reaching a low of GBX 182 ($2.44) and closing at GBX 191.09 ($2.57), marking a significant drop from the previous close of GBX 213.50 ($2.87).
• Despite the recent decline, multiple analysts have maintained "buy" ratings for Serica Energy, with price targets ranging from GBX 190 to GBX 240, leading to an average target of GBX 212.
• Serica Energy, focused on upstream oil and gas operations in the UK, holds significant interests in various fields including 100% of the Keith oil field and 98% of the Bruce field.

Shares of Serica Energy plc (LON:SQZ - Get Free Report) dropped 10.5% during trading on Wednesday . The stock traded as low as GBX 182 ($2.44) and last traded at GBX 191.09 ($2.57). Approximately 70,440,039 shares were traded during mid-day trading, an increase of 2,816% from the average daily volume of 2,415,388 shares. The stock had previously closed at GBX 213.50 ($2.87).

Analyst Upgrades and Downgrades

SQZ has been the topic of several recent analyst reports. Peel Hunt reaffirmed a "buy" rating and issued a GBX 207 price target on shares of Serica Energy in a research note on Tuesday, September 30th. Canaccord Genuity Group boosted their price objective on Serica Energy from GBX 215 to GBX 240 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Jefferies Financial Group reissued a "buy" rating and issued a GBX 190 price objective on shares of Serica Energy in a research note on Tuesday, August 5th. JPMorgan Chase & Co. reissued a "buy" rating and issued a GBX 215 price objective on shares of Serica Energy in a research note on Wednesday, August 13th. Finally, Shore Capital reissued a "buy" rating on shares of Serica Energy in a research note on Wednesday, September 10th. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Serica Energy currently has an average rating of "Buy" and an average target price of GBX 212.

Serica Energy Stock Down 10.5%

The company has a debt-to-equity ratio of 26.31, a current ratio of 1.69 and a quick ratio of 1.22. The firm has a market cap of £746.26 million, a price-to-earnings ratio of -2,388.63, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44. The firm has a 50 day moving average price of GBX 173.34 and a 200-day moving average price of GBX 156.26.

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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