Ithaca Energy secures Jefferies 'buy' rating with 350p target spanning $60 to $90 crude scenarios

What Brokers Say Energy Written by: Ian Lyall 13:30 Fri 28 Aug 2026 --> Edited by: Jamie Ashcroft Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Ithaca Energy PLC ( LSE:ITH ) View Price & Profile Ithaca Energy secures Jefferies 'buy' rating with 350p target spanning $60 to $90 crude scenarios Published: 13:30 28 Aug 2026 BST Ithaca Energy PLC (LSE:ITH) retained a 'buy' rating from Jefferies on Friday as the broker mapped an equity valuation framework spanning three distinct commodity price scenarios. The shares traded at 267.20p as the investment bank maintained its 350p base price target, with a net asset value of 222p and an EV/EBITDA valuation of 469p. Under an upside scenario assuming long-term Brent crude at $90 per barrel and UK gas at 89p per therm, Jefferies models a 450p target based on higher asset values. Conversely, a downside case assuming $60 oil and 59p gas lowers the underlying asset value to 120p, yielding a 165p price target. Operational delivery supports the central thesis, with a record second-quarter production of 131,000 barrels of oil equivalent per day and a reaffirmed full-year output guidance. Operating cash flow underpins shareholder returns, with the broker projecting total distributions of more than $500 million for the 2026 financial year, in line with the group's distribution policy. Cost efficiency also improved after management lowered its full-year net operating cost guidance to a range of $800 million to $840 million. Available liquidity of $1.9 billion provides the balance sheet capacity to compete for potential asset acquisitions alongside major shareholder Eni. Looking ahead, potential UK government approval for the Rosebank production start-up is a key catalyst for derisking development across the West of Shetland portfolio. Continue reading