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

Key Points

• Serica Energy plc shares fell by 10.6%, trading as low as GBX 182 and closing at GBX 190.80, with an unusually high trading volume of over 6 million shares.
• Despite the drop, multiple brokerages continue to rate the stock as a "buy," with target prices ranging from GBX 190 to GBX 240.
• Serica Energy has a market capitalization of £745.12 million and operates in the UK's oil and gas sector, holding interests in various fields in the North Sea.

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

Wall Street Analyst Weigh In

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

Serica Energy Trading Down 10.6%

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 company has a market cap of £745.12 million, a price-to-earnings ratio of -2,385.00, a price-to-earnings-growth ratio of 2.15 and a beta of 0.44. The business has a 50 day simple moving average of GBX 173.34 and a 200 day simple moving average of 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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