Serica Energy (LON:SQZ) Trading Down 13.4% - Here's What Happened

Key Points

• Serica Energy plc shares fell by 13.4% during mid-day trading, reaching a low of GBX 146 ($1.98), with trading volume significantly up at approximately 28.57 million shares.
• Equities research analysts maintain a "buy" rating for Serica Energy, with target prices ranging from GBX 190 to GBX 215, leading to a consensus target price of GBX 203.
• Insider Martin Copeland bought 45,000 shares at GBX 161 per share, reflecting strong insider confidence as insiders own 63.80% of the company's stock.

Serica Energy plc (LON:SQZ - Get Free Report) shares dropped 13.4% during mid-day trading on Wednesday . The stock traded as low as GBX 146 ($1.98) and last traded at GBX 154 ($2.08). Approximately 28,572,934 shares were traded during trading, an increase of 1,233% from the average daily volume of 2,143,135 shares. The stock had previously closed at GBX 177.80 ($2.41).

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SQZ shares. JPMorgan Chase & Co. reiterated a "buy" rating and set a GBX 215 target price on shares of Serica Energy in a report on Wednesday, August 13th. Shore Capital reaffirmed a "buy" rating on shares of Serica Energy in a research report on Wednesday. Canaccord Genuity Group reiterated a "buy" rating and issued a GBX 190 target price on shares of Serica Energy in a report on Thursday, July 31st. Finally, Jefferies Financial Group restated a "buy" rating and set a GBX 190 price target on shares of Serica Energy in a report on Tuesday, August 5th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of GBX 203.

Serica Energy Price Performance

The stock has a market capitalization of £599.63 million, a price-to-earnings ratio of -1,919.31, a P/E/G ratio of 2.15 and a beta of 0.44. The company has a quick ratio of 1.22, a current ratio of 1.69 and a debt-to-equity ratio of 26.31. The stock has a fifty day moving average of GBX 169.15 and a 200-day moving average of GBX 149.57.

Insider Transactions at Serica Energy

In related news, insider Martin Copeland purchased 45,000 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were purchased at an average price of GBX 161 per share, with a total value of £72,450. Insiders own 63.80% of the company's stock.

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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