Serica Energy (LON:SQZ) Trading Down 14.5% - What's Next?

Key Points

• Serica Energy's shares fell by 14.5% on Wednesday, trading as low as GBX 146 ($1.98) before closing at GBX 152 ($2.06), amidst significantly increased trading volume.
• Despite the drop, several analysts continue to maintain a "buy" rating on Serica Energy, with a consensus target price of GBX 203 and individual targets ranging from GBX 190 to GBX 215.
• Insider buying activity was noted as Martin Copeland purchased 45,000 shares at an average price of GBX 161, indicating confidence from company insiders who own 63.80% of the stock.

Shares of Serica Energy plc (LON:SQZ - Get Free Report) were down 14.5% on Wednesday . The company 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 Upgrades and Downgrades

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

Serica Energy Stock Performance

The business has a fifty day moving average of GBX 169.04 and a 200-day moving average of GBX 149.59. The company has a market cap of £593.60 million, a PE ratio of -1,900.00, a P/E/G ratio of 2.15 and a beta of 0.44. The company has a current ratio of 1.69, a quick ratio of 1.22 and a debt-to-equity ratio of 26.31.

Insider Buying and Selling

In other news, insider Martin Copeland bought 45,000 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were purchased at an average price of GBX 161 per share, for a total transaction of £72,450. Company insiders own 63.80% of the company's stock.

About Serica Energy

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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