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Ithaca Energy PLC ( (GB:ITH) ) has provided an update.
Ithaca Energy has completed the acquisition of an additional 46.25% interest in the Cygnus gas field from Spirit Energy, increasing its operated interest to 85%. This acquisition is part of Ithaca’s strategy to consolidate its position in the UKCS, adding significant reserves and enhancing production capacity. The Cygnus field, being the largest gas field in the UK Continental Shelf, is crucial for the UK’s energy security. The transaction is expected to boost Ithaca’s production rate to approximately 140 kboe/d by the end of the year, solidifying its status as a major producer in the UKCS and providing a platform for future growth.
The most recent analyst rating on (GB:ITH) stock is a Buy with a £227.00 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.
Spark’s Take on GB:ITH Stock
According to Spark, TipRanks’ AI Analyst, GB:ITH is a Outperform.
Ithaca Energy PLC’s overall stock score is driven by strong technical indicators and robust cash flow generation, which provide a positive outlook despite profitability challenges. The attractive dividend yield offers some compensation for the negative earnings, but improving profitability remains essential for long-term growth.
To see Spark’s full report on GB:ITH stock, click here.
More about Ithaca Energy PLC
Ithaca Energy is a leading UK independent exploration and production company with a strong track record of material value creation. The company focuses on growing its portfolio through organic investments and acquisitions, making it one of the largest independent oil and gas companies in the UK Continental Shelf (UKCS). Ithaca Energy is committed to energy security and sustainability, with a strategy to reduce emissions and achieve net zero ahead of targets set in the North Sea Transition Deal.
Average Trading Volume: 1,758,630
Technical Sentiment Signal: Buy
Current Market Cap: £3.22B
See more insights into ITH stock on TipRanks’ Stock Analysis page.