Ithaca Energy (LON:ITH) Stock Price Up 2.4% – Here’s Why

Ithaca Energy plc (LON:ITH) shares shot up 2.4% during mid-day trading on Tuesday . The company traded as high as GBX 173.20 and last traded at GBX 173.20. 720,450 shares were traded during mid-day trading, a decline of 70% from the average session volume of 2,396,302 shares. The stock had previously closed at GBX 169.20.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group upgraded Ithaca Energy to a “buy” rating and increased their price target for the company from GBX 145 to GBX 220 in a research note on Monday, October 20th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Ithaca Energy currently has a consensus rating of “Buy” and a consensus price target of GBX 210.

Ithaca Energy Stock Performance

The company has a fifty day moving average of GBX 171.42 and a two-hundred day moving average of GBX 186.28. The firm has a market capitalization of £2.92 billion and a price-to-earnings ratio of -23.62.

Insider Activity

In other Ithaca Energy news, insider Yaniv Friedman purchased 32,476 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were acquired at an average cost of GBX 174 per share, for a total transaction of £56,508.24. Insiders have bought a total of 40,479 shares of company stock valued at $7,057,560 over the last three months. Insiders own 0.19% of the company’s stock.

Ithaca Energy Company Profile

Ithaca Energy is a leading UK independent exploration and production company focused on the UK North Sea with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon two transformational acquisitions.

Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), with stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields.