Ithaca Energy (LON:ITH) Trading 7.8% Higher Following Dividend Announcement

Ithaca Energy plc (LON:ITH) rose 7.8% during trading on Thursday following a dividend announcement from the company. The company traded as high as GBX 107.57 ($1.35) and last traded at GBX 107.57 ($1.35). Approximately 1,850,700 shares traded hands during mid-day trading, an increase of 108% from the average daily volume of 888,891 shares. The stock had previously closed at GBX 99.80 ($1.25).

The newly announced dividend which will be paid on Friday, December 20th. Shareholders of record on Thursday, November 28th will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, November 28th. This is an increase from Ithaca Energy’s previous dividend of $0.10. This represents a dividend yield of 9.56%. Ithaca Energy’s dividend payout ratio (DPR) is 23,333.33%.

Ithaca Energy Stock Performance

The company has a market cap of £1.91 billion and a PE ratio of 963.33. The stock’s 50 day moving average price is GBX 104.32 and its 200-day moving average price is GBX 116.86.

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.