Serica Energy (LON:SQZ) Stock Price Down 15.3% - Here's Why

Key Points

• Serica Energy plc's stock (LON:SQZ) experienced a significant drop of 15.3%, closing at GBX 150.60 ($2.04) after trading as low as GBX 146 ($1.98).
• Despite the recent decline, several analysts maintain a "buy" rating for the company, with target prices ranging from GBX 190 to GBX 215, resulting in an average consensus target of GBX 203.
• Insider Martin Copeland recently purchased 45,000 shares at GBX 161 per share, indicating a strong vote of confidence from corporate insiders, who collectively own 63.80% of the stock.

Serica Energy plc (LON:SQZ - Get Free Report)'s stock price dropped 15.3% during trading on Wednesday . The stock traded as low as GBX 146 ($1.98) and last traded at GBX 150.60 ($2.04). Approximately 29,118,072 shares were traded during trading, an increase of 1,257% from the average daily volume of 2,146,250 shares. The stock had previously closed at GBX 177.80 ($2.41).

Analysts Set New Price Targets

SQZ has been the topic of several research analyst reports. JPMorgan Chase & Co. reissued a "buy" rating and set a GBX 215 price target on shares of Serica Energy in a research note on Wednesday, August 13th. Shore Capital reissued a "buy" rating on shares of Serica Energy in a research note on Wednesday, September 10th. Canaccord Genuity Group reissued a "buy" rating and set a GBX 190 price target on shares of Serica Energy in a research note on Thursday, July 31st. Finally, Jefferies Financial Group reissued a "buy" rating and set a GBX 190 price target on shares of Serica Energy in a research note on Tuesday, August 5th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Serica Energy currently 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 £624.06 million, a PE ratio of -1,997.50, a PEG 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. The company's 50 day simple moving average is GBX 168.81 and its 200 day simple moving average is GBX 150.32.

Insider Buying and Selling

In other news, insider Martin Copeland bought 45,000 shares of the stock in a transaction on Thursday, July 3rd. The stock was purchased at an average cost of GBX 161 per share, with a total value of £72,450. 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.