Serica Energy (LON:SQZ) Trading Down 10.6% - Here's What Happened

Key Points

• Serica Energy's shares fell 10.6% on Wednesday, trading as low as GBX 182 before closing at GBX 190.80, significantly below the previous close of GBX 213.50.
• Despite the drop, several analysts maintain a "buy" rating for the stock, with price targets ranging from GBX 190 to GBX 240.
• Serica Energy has a market capitalization of £745.12 million and operates several oil and gas fields in the UK continental shelf.

Serica Energy plc (LON:SQZ - Get Free Report) shares traded down 10.6% on Wednesday . The company traded as low as GBX 182 ($2.44) and last traded at GBX 190.80 ($2.56). 6,142,699 shares were traded during trading, an increase of 195% from the average session volume of 2,085,658 shares. The stock had previously closed at GBX 213.50 ($2.87).

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Shore Capital reiterated a "buy" rating and set a GBX 225 price objective on shares of Serica Energy in a report on Wednesday. JPMorgan Chase & Co. reiterated a "buy" rating and set a GBX 215 price objective on shares of Serica Energy in a report on Wednesday, August 13th. Jefferies Financial Group reiterated a "buy" rating and set a GBX 190 price objective on shares of Serica Energy in a report on Tuesday, August 5th. Canaccord Genuity Group lifted their price objective on Serica Energy from GBX 215 to GBX 240 and gave the company a "buy" rating in a report on Friday, October 3rd. Finally, Peel Hunt restated a "buy" rating and issued a GBX 207 price objective on shares of Serica Energy in a report on Tuesday, September 30th. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of GBX 212.83.

Serica Energy Price Performance

The firm has a market capitalization of £745.12 million, a P/E ratio of -2,385.00, 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. The stock's fifty day simple moving average is GBX 173.34 and its 200 day simple moving average is GBX 156.26.

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.

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