Ithaca Energy (LON:ITH) Sets New 52-Week High – Time to Buy?

Ithaca Energy plc (LON:ITH)’s stock price reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as GBX 298.80 and last traded at GBX 297.47, with a volume of 621,011 shares traded. The stock had previously closed at GBX 294.20.

Analysts Set New Price Targets

Several brokerages have issued reports on ITH. Jefferies Financial Group reaffirmed a “buy” rating and issued a GBX 350 price target on shares of Ithaca Energy in a report on Tuesday, October 6th. Berenberg Bank reissued a “buy” rating and set a GBX 270 price target on shares of Ithaca Energy in a research note on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of GBX 310.

Ithaca Energy Trading Up 0.8%

The firm has a market capitalization of £4.89 billion, a PE ratio of 18.88 and a beta of 0.34. The firm has a 50-day moving average of GBX 271.45 and a two-hundred day moving average of GBX 254.01.

About Ithaca Energy

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.