Ithaca Energy Strengthens West of Shetland Presence with Shell Partnership

The latest update is out from Ithaca Energy PLC ( (GB:ITH) ).

Ithaca Energy has announced a farm-in agreement with Shell UK for a 50% interest in the Tobermory gas discovery in the West of Shetland basin. This strategic move enhances Ithaca’s position as a key player in the region, supporting UK energy security and strengthening its partnership with Shell. The development aligns with Ithaca’s long-term growth strategy and commitment to the UK economy, providing jobs and leveraging its operational expertise.

The most recent analyst rating on (GB:ITH) stock is a Hold with a £246.00 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 Neutral.

Ithaca Energy PLC’s stock score is primarily influenced by its strong revenue growth and operational efficiency, despite profitability challenges. The technical analysis indicates bullish momentum, but potential overbought conditions warrant caution. The high dividend yield is a positive aspect, although the negative P/E ratio reflects underlying profitability issues.

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, known for its significant growth through acquisitions and organic investments. It is one of the largest independent oil and gas companies in the UK Continental Shelf, with a strong focus on energy security and sustainability, aiming to achieve net zero emissions ahead of industry targets.

Average Trading Volume: 2,268,711

Technical Sentiment Signal: Buy

Current Market Cap: £3.93B

For detailed information about ITH stock, go to TipRanks’ Stock Analysis page.