Serica Energy (LON:SQZ) Trading Down 10.6% - What's Next?

Key Points

• Serica Energy's stock fell by 10.6% to GBX 190.80 ($2.56) amid increased trading volume; approximately 6.1 million shares were traded, a 195% rise from the average.
• Despite the drop, six analysts maintain a consensus Buy rating for Serica Energy, with target prices ranging from GBX 190 to GBX 240.
• The company holds significant interests in oil and gas fields in the UK, including 100% in the Keith oil field and 98% in the Bruce field.

Serica Energy plc (LON:SQZ - Get Free Report) dropped 10.6% during mid-day trading on Thursday . 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 ($2.86).

Wall Street Analysts Forecast Growth

SQZ has been the subject of a number of recent research reports. Peel Hunt reissued a "buy" rating and issued a GBX 207 price objective on shares of Serica Energy in a report on Wednesday. Jefferies Financial Group reissued a "buy" rating and issued a GBX 190 price objective on shares of Serica Energy in a report on Tuesday, August 5th. Shore Capital reissued a "buy" rating and issued a GBX 225 price objective on shares of Serica Energy in a report on Wednesday. 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, Canaccord Genuity Group upped their price target on shares of Serica Energy from GBX 215 to GBX 240 and gave the stock a "buy" rating in a report on Friday, October 3rd. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of GBX 212.83.

Serica Energy Stock Performance

The company has a current ratio of 1.69, a quick ratio of 1.22 and a debt-to-equity ratio of 26.31. The company's 50-day simple moving average is GBX 173.70 and its 200-day simple moving average is GBX 156.50. The stock has a market capitalization of £745.90 million, a price-to-earnings ratio of -2,387.50, a PEG ratio of 2.15 and a beta of 0.44.

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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