Ithaca Energy (LON:ITH) Sets New 12-Month High – Still a Buy?

Ithaca Energy plc (LON:ITH) shares hit 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 changing hands. The stock had previously closed at GBX 294.20.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Jefferies Financial Group restated a “buy” rating and issued a GBX 350 target price on shares of Ithaca Energy in a research note on Tuesday, October 6th. Berenberg Bank reiterated 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 company has a consensus rating of “Buy” and a consensus price target of GBX 310.

Ithaca Energy Stock Performance

The stock’s 50-day moving average price is GBX 271.45 and its 200-day moving average price is GBX 254.01. The company has a market capitalization of £4.89 billion, a price-to-earnings ratio of 18.88 and a beta of 0.34.

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.