Serica Energy (LON:SQZ) Trading Down 14.5% - Here's What Happened

Key Points

• Serica Energy's share price fell 14.5% during trading, closing at GBX 152 ($2.06) after hitting a low of GBX 146 ($1.98).
• Despite the decline, the stock has a consensus rating of "Buy" from five equity research analysts, with an average price target of GBX 203.
• Insider Martin Copeland recently purchased 45,000 shares at an average price of GBX 161, indicating confidence in the company's future.

Serica Energy plc (LON:SQZ - Get Free Report) shares dropped 14.5% during trading on Wednesday . The stock traded as low as GBX 146 ($1.98) and last traded at GBX 152 ($2.06). Approximately 9,339,462 shares traded hands during trading, an increase of 359% from the average daily volume of 2,033,229 shares. The stock had previously closed at GBX 177.80 ($2.41).

Analyst Ratings Changes

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

Serica Energy Price Performance

The stock has a fifty day moving average of GBX 168.84 and a two-hundred day moving average of GBX 149.76. The stock has a market cap of £625.62 million, a price-to-earnings ratio of -2,002.50, a price-to-earnings-growth 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.

Insiders Place Their Bets

In other Serica Energy news, insider Martin Copeland acquired 45,000 shares of the company's 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. 63.80% of the stock is owned by corporate insiders.

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.