Ithaca Energy Expands Stake in Cygnus Gas Field

An update from Ithaca Energy PLC ( (GB:ITH) ) is now available.

Ithaca Energy has signed an agreement to acquire an additional 46.25% stake in the Cygnus gas field from Spirit Energy for £116 million, increasing its operated interest to 85%. This acquisition aligns with Ithaca’s strategy of value-accretive M&A, enhancing its portfolio with high-quality assets in the UK Continental Shelf. The Cygnus field, the largest gas field in the UKCS, is crucial for the UK’s energy security, and this transaction is expected to add significant reserves and production capacity, with further potential through infill drilling.

The most recent analyst rating on (GB:ITH) stock is a Hold with a £150.00 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 scores well due to its solid financial performance and attractive valuation metrics. Despite challenges with declining revenue and free cash flow, the company’s strong corporate events and technical indicators provide a positive outlook. The high dividend yield and strategic initiatives further bolster its position.

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. Focused on growing its portfolio through organic investments and acquisitions, Ithaca Energy ranks as the second largest independent oil and gas company by production in the UK Continental Shelf (UKCS). The company is committed to delivering sustainable energy solutions and aims to achieve net zero emissions ahead of targets set in the North Sea Transition Deal.

Average Trading Volume: 1,357,324

Technical Sentiment Signal: Buy

Current Market Cap: £2.21B

See more data about ITH stock on TipRanks’ Stock Analysis page.