Ithaca Energy PLC (ITH) AI Stock Analysis

• Market Cap: £4.70B
• Dividend Yield: 14.05%
• Average Volume (3M): 1.38M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.50
• Revenue Growth: 63.10%
• EPS Growth: -161.03%
• Country: UK
• Employees: 657
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): -0.20
• Shares Outstanding: 1,653,732,400
• 10 Day Avg. Volume: 1,141,336
• 30 Day Avg. Volume: 1,380,523
• PEG Ratio: 0.31
• Price to Book (P/B): 1.43
• Price to Sales (P/S): 1.22
• P/FCF Ratio: 4.87
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £205.00
• Price Target Upside: -27.82% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.29
• Revenue Forecast (FY): £3.34B

• Rating: 67 Neutral
• Price Target: 308.00 p ▲(8.45% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is driven by strong cash flow generation and a clear technical uptrend, partially offset by volatile earnings (including a 2025 net loss) and a negative P/E that signals weaker earnings quality/visibility despite an attractive dividend yield.

Positive Factors

Strong cash generation

Materially higher operating cash flow and a ~45% jump in free cash flow show the company's ability to convert production into cash. Durable cash generation supports reinvestment in fields, funds dividends or debt service, and provides a buffer through commodity cycles over months.

High operating profitability

Consistently high gross and operating margins reflect efficient field operations and cost control. Strong operational profitability increases resilience to price swings, funds ongoing development and upkeep of assets, and underpins sustained cash returns independent of short-term price moves.

Focused North Sea operating footprint

A concentrated portfolio of operated and non‑operated assets in the UK North Sea means access to shared infrastructure and hub economics. That structural footprint lowers per‑project development costs, improves uptime management, and gives predictable mid‑term production cash flows.

Negative Factors

Volatile reported earnings

A swing to a net loss despite strong operating margins signals earnings volatility driven by items below operating profit. This reduces predictability of retained earnings and complicates multi‑quarter planning for capex, distributions, and covenant headroom across commodity cycles.

Rising leverage

Increasing debt relative to equity narrows financial flexibility and raises refinancing and interest expense risk. In a cyclical upstream business, higher leverage magnifies downside on cash flow stress and can constrain discretionary investment or shareholder returns over the next several quarters.

Below‑the‑line pressure and earnings quality

Significant non‑operating charges and similar below‑the‑line items make reported net income less reflective of core operations. Episodic impairments or tax swings can erode equity and ROE, complicating forecasting and making reported profits a weaker signal of sustainable performance.

Ithaca Energy PLC Business Overview & Revenue Model

Company Description

Ithaca Energy Limited, 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 and Moray Firth areas. As of December 31, 2021, it had proved and probable reserves, and resources of 5.6 millions of barrels of oil equivalent. The company was incorporated in 2004 and is headquartered in Aberdeen, the United Kingdom. Ithaca Energy Limited is a subsidiary of Delek North Sea Limited.

How the Company Makes Money

Ithaca Energy primarily makes money by producing and selling hydrocarbons (crude oil, natural gas, and related natural gas liquids) from its operated and non-operated offshore fields in the UK North Sea. Revenue is generated when produced volumes are sold under physical sales arrangements, with realised prices typically linked to prevailing market benchmarks for oil and gas (net of quality adjustments, transportation, and other selling-related charges). The company’s earnings are driven mainly by (1) production volumes from its asset portfolio, (2) realised commodity prices, and (3) operating costs, including field operating expenditures and tariffs/fees paid for processing and transportation through third-party or partner-operated infrastructure where applicable. Additional factors that can materially affect reported revenue and cash flow include the mix of oil versus gas production, production uptime, depletion/decline rates and new well/field tie-ins, and the company’s use of commodity price risk management (e.g., hedging/derivative contracts) which can impact realised economics and reported results. Ithaca Energy may also generate income or reduce net costs through arrangements typical of upstream joint ventures—such as partner billings, tariffing through shared infrastructure, and cost recovery mechanisms—however, specific counterparties and commercial terms are not provided here and are therefore null.

Ithaca Energy PLC Financial Statement Overview

Summary

Operating performance and cash generation are strong (cash flow score 78 with sharply higher free cash flow in 2025), but reported earnings are volatile with a net loss in 2025 despite strong margins (income statement score 62). Leverage is moderate but rising versus prior years (balance sheet score 56), increasing cyclicality risk.

Income Statement

Revenue rebounded strongly in 2025 (up ~3.6% after two down years), and operating profitability looks very strong with high gross and operating margins in 2025. However, earnings quality is volatile: net income swung from solid profits in 2021–2024 to a net loss in 2025, indicating meaningful below-the-line pressure (e.g., non-operating items, taxes, or impairments) despite robust operating results.

Balance Sheet

Leverage is moderate in 2025 (debt-to-equity ~0.60), but it has increased versus 2023–2024 and the company remains in a cyclical industry. Equity is sizable, yet returns to shareholders deteriorated sharply with negative return on equity in 2025 following modestly positive returns in 2023–2024, highlighting balance-sheet sensitivity to earnings swings.

Cash Flow

Cash generation is a key strength: operating cash flow increased materially in 2025 and free cash flow rose sharply (up ~45%), supporting financial flexibility. Operating cash flow covered net income in 2025, which is particularly important given the reported net loss, though cash flow metrics have shown volatility in prior years (notably weaker coverage in 2024).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.01B	1.98B	2.32B	2.60B	1.43B
Gross Profit	1.26B	842.21M	1.00B	1.25B	549.06M
EBITDA	2.07B	1.04B	1.15B	1.79B	918.11M
Net Income	-85.86M	153.15M	215.63M	1.03B	620.62M
Balance Sheet
Total Assets	11.40B	8.27B	6.25B	6.76B	4.73B
Cash, Cash Equivalents and Short-Term Investments	170.16M	178.08M	156.54M	253.82M	44.85M
Total Debt	1.53B	1.07B	768.71M	1.27B	1.44B
Total Liabilities	8.83B	5.23B	3.80B	4.30B	4.06B
Stockholders Equity	2.57B	3.04B	2.44B	2.46B	676.51M
Cash Flow
Free Cash Flow	754.81M	389.20M	811.97M	1.34B	643.06M
Operating Cash Flow	1.66B	853.28M	1.29B	1.72B	912.66M
Investing Cash Flow	-1.48B	-390.91M	-492.40M	-1.40B	-220.15M
Financing Cash Flow	-174.08M	-449.48M	-900.73M	-107.45M	-650.74M

Ithaca Energy PLC Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 284.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ITH, the sentiment is Positive. The current price of 284 is above the 20-day moving average (MA) of 242.82, above the 50-day MA of 205.59, and above the 200-day MA of 183.74, indicating a bullish trend. The MACD of 19.02 indicates Negative momentum. The RSI at 62.89 is Neutral, neither overbought nor oversold. The STOCH value of 72.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ITH.

Ithaca Energy PLC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENOG	73 Outperform	£1.70B	5.30	0.18%	10.99%	-2.66%	0.11%
HBR	69 Neutral	£5.80B	-24.34	-4.05%	8.77%	123.03%	-330.89%
ITH	67 Neutral	£4.70B	-42.84	-4.67%	14.05%	63.10%	-161.03%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
SQZ	60 Neutral	£1.12B	-4.70	-6.09%	9.30%	-32.89%	-239.58%
ENQ	58 Neutral	£392.38M	-0.47	-24.56%	4.36%	-18.05%	-634.88%
TLW	56 Neutral	£193.52M	-1.99	57.02%	―	-32.47%	-1490.91%

Ithaca Energy PLC Corporate Events

Ithaca Energy Announces $200 Million Third Interim Dividend for 2025

Ithaca Energy has declared a third interim dividend for 2025 of $200 million, equivalent to $0.1209 per ordinary share, to be paid on 16 April 2026 to shareholders on the register as of 27 March 2026. The payout will be made in sterling, with the dollar amount converted at the average mid-market exchange rate over three days in late March, and the final per-share sterling figure will be announced on 31 March 2026.

The dividend decision underscores Ithaca Energy’s confidence in its cash generation and balance sheet following a period of M&A-driven expansion that has made it one of the largest independent producers in the UK Continental Shelf. By maintaining substantial shareholder distributions while holding a strategic position in key North Sea assets, the company reinforces its role in supporting UK energy security and highlights its commitment to delivering sustainable returns alongside its emissions-reduction ambitions.

The most recent analyst rating on (GB:ITH) stock is a Hold with a £210.00 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.

Ithaca Energy lifts output, boosts cash and advances West of Shetland growth

Ithaca Energy reported strong operational and financial results for 2025, lifting average production to 119,000 barrels of oil equivalent per day and exiting the year at about 148,000 boe/d, while cutting unit operating costs and boosting adjusted EBITDAX to $2.0 billion. Despite a reported loss driven by a non-cash tax charge linked to the extended UK Energy Profits Levy, the group generated higher cash flow, expanded liquidity to $1.5 billion and raised its dividend policy, returning $500 million to shareholders for the year.

The company advanced major West of Shetland growth projects, with Rosebank entering its final development stages toward first production in 2026/27 and Cambo and Tornado moving through key regulatory and technical milestones targeting investment decisions within the next year. Ithaca also deepened its UKCS footprint through additional stakes in Seagull and the Cygnus gas field, while sustaining high activity across core assets to keep medium-term production above 120,000 boe/d, reinforcing its role as a key North Sea player and infrastructure partner.

The most recent analyst rating on (GB:ITH) stock is a Hold with a £210.00 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.

Ithaca Energy Executives Acquire Shares Under All-Employee Incentive Plan

Ithaca Energy has disclosed that its executive chairman, chief financial officer and chief executive officer each acquired ordinary shares in the company under its HMRC-approved Share Incentive Plan, with purchases executed on 6 March 2026 via the plan trustee on the London Stock Exchange. In addition to the bought shares, the three senior executives also received matching share awards at nil cost under the same all-employee scheme, underscoring the company’s continued use of equity participation to align management and staff interests with shareholders and meet regulatory transparency requirements.

The transactions, carried out at a price of £2.42692 per share for the purchased stock alongside additional matching shares, reflect routine remuneration and incentive arrangements rather than a change in strategic direction. By publicising these PDMR dealings in accordance with EU Market Abuse Regulation, Ithaca Energy reinforces governance standards and provides stakeholders with visibility over insider participation in its share capital.

The most recent analyst rating on (GB:ITH) stock is a Sell with a £1.00 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.

Ithaca Energy Executives Receive Shares Under All-Employee Incentive Plan

Ithaca Energy has disclosed routine share purchases and awards to senior executives under its HMRC-approved Share Incentive Plan, an all-employee scheme that allows staff to acquire ordinary shares via monthly salary deductions. On 5 February 2026, Computershare Share Plan Trustees bought small tranches of shares on behalf of Executive Chairman Yaniv Friedman, CFO Iain Lewis and CEO Luciano Vasques at £1.87510 per share, alongside the grant of additional matching shares at nil cost.

The transactions, conducted on the London Stock Exchange, underline the alignment of top management with shareholder interests through increased equity participation. While modest in volume, the activity reinforces Ithaca Energy’s use of share-based incentives as part of its remuneration framework, supporting employee ownership and potentially strengthening long-term commitment across the organisation.

The most recent analyst rating on (GB:ITH) stock is a Sell with a £1.00 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.

Ithaca Energy Lifts Output, Cash Flow and Dividends on Strong 2025 North Sea Performance

Ithaca Energy reported a strong operational and financial performance for 2025, with average production rising to 119 kboe/d and an exit rate of about 148 kboe/d, supported by new wells at Cygnus, Seagull and J Area, improved safety and emissions metrics, and a material reserves base exceeding 350 mmboe of 2P reserves and 300 mmboe of 2C resources. Adjusted preliminary EBITDAX increased to $2.0 billion while unit operating costs fell to $19/boe, underpinned by a robust hedging programme, low leverage of 0.56x and $1.5 billion of available liquidity; the company reaffirmed its $500 million FY 2025 dividend target after paying out the full amount during the year, advanced its UKCS consolidation strategy through acquisitions and targeted capital spending, and progressed its flagship Rosebank and broader West of Shetland growth plans, reinforcing its position as a scale consolidator and cash-generative player in the North Sea for investors and the UK energy market.

The most recent analyst rating on (GB:ITH) stock is a Hold with a £184.00 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.

Ithaca Energy Executives Reinvest Dividends into Company Shares Under Incentive Plan

Ithaca Energy plc has disclosed routine share dealings by senior management under its Share Incentive Plan, in line with market abuse regulation reporting requirements. Dividends paid on 18 December 2025 on shares held in the plan were automatically reinvested through the scheme’s trustee to purchase additional ordinary shares on behalf of Executive Chairman Yaniv Friedman, Chief Financial Officer Iain Lewis and Chief Executive Officer Luciano Vasques at £1.6219 per share on the London Stock Exchange, modestly increasing their holdings and underscoring ongoing alignment between the leadership team and shareholders.

The most recent analyst rating on (GB:ITH) stock is a Hold with a £183.00 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.

Ithaca Energy Executives Receive Shares Under All-Employee Incentive Plan

Ithaca Energy has disclosed purchases and awards of ordinary shares to senior executives under its HMRC-approved all-employee Share Incentive Plan, with the SIP trustee acquiring shares on 5 January 2026 on behalf of Executive Chairman Yaniv Friedman, Chief Financial Officer Iain Lewis and Chief Executive Officer Luciano Vasques. The transactions, involving salary-funded purchases and nil-cost matching share awards, modestly increase management’s equity exposure and align leadership and wider employee interests more closely with shareholders, reinforcing the company’s commitment to share ownership across its workforce.

The most recent analyst rating on (GB:ITH) stock is a Hold with a £163.00 price target. To see the full list of analyst forecasts on Ithaca Energy PLC stock, see the GB:ITH Stock Forecast page.