Ithaca Energy (LON:ITH) Trading Down 9.3% – Here’s Why

Ithaca Energy plc (LON:ITH)’s share price was down 9.3% during mid-day trading on Tuesday . The stock traded as low as GBX 105.60 ($1.38) and last traded at GBX 105.96 ($1.39). Approximately 8,640,038 shares were traded during mid-day trading, an increase of 894% from the average daily volume of 868,958 shares. The stock had previously closed at GBX 116.80 ($1.53).

Ithaca Energy Trading Down 9.9 %

The firm has a market capitalization of £1.06 billion and a P/E ratio of 973.33. The company has a 50 day simple moving average of GBX 118.38 and a two-hundred day simple moving average of GBX 121.71.

Ithaca Energy Cuts Dividend

The firm also recently declared a dividend, which was paid on Friday, September 27th. Shareholders of record on Thursday, September 5th were paid a $0.10 dividend. The ex-dividend date was Thursday, September 5th. This represents a yield of 5.76%. Ithaca Energy’s payout ratio is 23,333.33%.

About Ithaca Energy

Ithaca Energy plc, together with its subsidiaries, engages in the exploration, development, and production of oil and gas in the North Sea. The company own a portfolio of assets located in Northern and Central North Sea, Moray Firth, and West of Shetland area of the UKCS. Ithaca Energy plc was formerly known as Delek North Sea Limited and changed its name to Ithaca Energy plc in October 2022.