Ithaca Energy Plc

7.20 (4.93%)
Share Name Share Symbol Market Stock Type
Ithaca Energy Plc ITH London Ordinary Share
  Price Change Price Change % Share Price Last Trade
7.20 4.93% 153.20 16:35:16
Open Price Low Price High Price Close Price Previous Close
149.00 147.80 153.80 153.20 146.00
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Industry Sector

Ithaca Energy ITH Dividends History

No dividends issued between 10 Jun 2013 and 10 Jun 2023

Top Dividend Posts

Top Posts
Posted at 31/5/2023 17:29 by anley
today the company publishes its results and BINGO the shares go nothing new here.

I bet the bosses at ITH can't understand just what is going on in the UK oil/gas sector. Their brokers seem to have pushed them in to a LSE quote at considerable cost but the benefits have been dreadful.

In March - see above - one said that this government just looks stupid to overseas investors. I have friends in Hong Kong who just have funds in Singapore ready to invest BUT ask them when and they look and say - when you have a stable government with sensible policies and a taxation system which allows UK based Oil/Gas businesses to make a sensible return.

We will wait..............

Posted at 01/3/2023 13:25 by ashkv
Windfall tax puts Cambo decision in doubt: Ithaca
Ithaca Energy's executive chair tells Investors' Chronicle that financiers have backed away from the North Sea
February 28, 2023
By Alex Hamer
Ithaca Energy (ITH) picked an interesting time to come back to public life. Its first five months since November's initial public offering (IPO) have seen oil and gas prices drop at the same time as the UK government ramped up its energy profits levy (EPL).
As a result, the company's share price is down a quarter from its IPO price of 250p, a drop similar to those sustained by other North Sea-exposed companies like Harbour Energy (HBR) and Serica Energy (SQZ) over the same period.
Executive chair Gilad Myerson told Investors’ Chronicle the EPL had taken the air out of the sector even with the government calling for greater domestic oil and gas supply. “Since the listing, we’ve faced quite some headwinds coming from the UK government,” he said, adding that Ithaca was “very committed” to developing its assets and to the North Sea specifically.
Prime minister Rishi Sunak brought in the windfall tax on energy company profits as chancellor, then expanded it in November once he moved into 10 Downing St. The levy was hiked from 25 per cent to 35 per cent, bringing the headline tax rate for UK oil and gas producers to 75 per cent.
The move was aimed at raising cash to fund the government’s cost of living support programmes such as the energy price guarantee. But industry figures have argued that the lack of an end date, and lack of a price floor below which the tax would disappear, had hurt investment at a time when energy security and supply remains a top concern for the UK.
Ithaca is at the centre of this discussion as it is considering a green light for the Cambo and Rosebank fields, the largest undeveloped fields in the UK North Sea. Cambo is more significant for Ithaca as it holds a 70 per cent stake and is the operator of the asset. Ithaca also has a 30 per cent stake in Rosebank, which is operated by Equinor (NO:EQNR). Cambo is expected to be a huge field when operational, producing tens of thousands of barrels of oil per day.
The final investment decision was expected in the first half of this year but comments by Myerson cast doubt on that timeline: “The readiness to hit the FID approval has gone down quite significantly because of a lack of financing,” he said.
“The challenge is that the credit availability to develop these projects has been reduced significantly. The [reserve-based lending] is run using an oil price of $50-$54 a barrel, and if you add a 75 per cent tax rate at $52 a barrel [average], it leaves you with very little credit availability to develop a project."
Going north
Previous roadblocks for the two fields were part of the reason why Ithaca was able to acquire its stakes in the first place. It acquired ownership via a takeover of Siccar Point Energy for $1.46bn last year ($1.1bn upfront), and after Shell (SHEL) had publicly said it would not back the development of the Cambo field, albeit this was before the energy crisis. The energy giant’s 30 per cent stake is reportedly up for grabs.
Barclays analyst James Hosie said the EPL introduction and extension had “shifted the investment climate for companies like Ithaca, with the value of UK upstream assets further eroded by worries that it becomes a permanent part of UK upstream taxation”.
In its IPO prospectus, Ithaca was positive about the investment allowance aspects of the EPL policy, which also cuts the tax paid for companies spending big on North Sea development. Myerson said meetings with the government before the listing had indicated this would be a fixture of the strategy in order to encourage more development.
The investment allowance was reduced in the Autumn Statement by chancellor Jeremy Hunt, and Labour has campaigned to remove it entirely. “We were seen as an organisation that would be shielded from the EPL due to the [investment allowance provisions],” said Myerson.
Ithaca 2.0
The company that now trades as Ithaca is very different to the one that Delek Group took over and delisted in 2017. Its production is around eight times the company’s 2016 production of 9,000 barrels of oil equivalent per day (boepd), and the various development options could take it over 100,000boepd.
Delek still holds just under 90 per cent of the company. Harbour Energy, which itself listed 2021 and had one significant shareholder in EIG Asset Management, has managed to open up its share register without major share sales derailing its share price.
If a similar move is on the cards for Ithaca, it could not happen before May, when a lock-up on Delek share sales ends. Myerson said the Israeli company was a dedicated long-term shareholder.
One other point of interest for potential shareholders will be the balance sheet - the company has focused on paying down debt in recent months, including the intragroup loans advanced by Delek. These have largely been paid down, and Barclays forecasts a net debt reduction from $1.1bn (£910mn) at the end of 2022 to just $193mn by the end of this year. But the plan is to load up on debt again to enable building on a variety of projects, if possible, so this may shoot up again in the coming years.
Hosie, who has an underweight rating on the company, said the forecast debt level would leave the company “well positioned to commit to the planned increase in capital investments and dividend policy”. The dividend yield is one of the highest on the London Stock Exchange at its current share price - a whopping 18 per cent for 2023, as forecast by Barclays.

Posted at 28/2/2023 11:07 by ashkv
Ithaca Energy currently trading way below November 2022 IPO price of 250p.

Hefty dividend of USD 400 million a year and would appear a compelling buy in the 170-175p range.

However, was flummoxed to come across the below Barclay's analyst 12 month target price for Ithaca.

Any thoughts as to why the low opinion of the share from the analyst?

"9 February 2023 Barclays starts Ithaca Energy with 'underweight' - price target 140 pence"

Posted at 23/2/2023 08:56 by spitthecat1
It's gone ex dividend today -11p approx
Posted at 26/7/2011 11:52 by johnamill
I'm still holding some of these, been on the backburner for a while now. Was interesting to see the brief trading statement re the profit. No word on any dividend payable though....I wonder if?

Only available via matched bargaining facility.....could be tempted to top up!!

Posted at 11/9/2010 13:09 by jab118

I hold a few and about 6 months ago contacted the broker dealing in ITH, he informed me then he was dealing in shares at between 11p and 12p due to interested investors. Was this letter sent to you by IHT ? Postman delivers late here so am waiting.. would you mind posting it please..tia

Posted at 28/11/2008 12:14 by lucky punter
A dividend is clearly not priced into the share price at the moment and every holder must be expecting to get zero this year. The maiden dividend was to increase the profile of the company but it also builds in an expectation of the future. I often sell up when the company pays the maiden dividend because expansion costs cash and my investment strategy concerns growth not dividends.
I think the wider market views Itis in the current financial climate as a bargain because it will respond to economic recovery and recovery is never stronger than immediately after a recession.
You say that Itis now have problems in the UK but their business is much like an estate agent. In the right market its a license to print cash but when the market turns down they are hit hard. It does not make the business of selling houses any less profittable on the next run but clearly the time to buy in is when its on its knees.

Posted at 28/11/2008 10:33 by lucky punter
I cannot see any reason to spread profits with a dividend when there are no profits to spread.
The overseas costs are based around forming the contracts and deploying the technology. This does cost money but is extremely small when considered against the reward. I am sure they are pushing on with the best of the prospects even if some of the more marginal markets have to wait.
They will definately have to pay more than 8 million as many of the larger holders are in at much higher levels. The market can see that Itis will recover strongly with market conditions and as such presents fantastic leverage for your cash. The recent drop has not put buyers off, the fear/greed balance is heavily at play in the markets and its tipping towards Greed.

Posted at 24/11/2008 19:43 by russianlinesman
That's actually a good quality debate for a BB. Personally I tend to Tom's camp, and have ended up overall up on ITH having bought at 30p, sold 1/2 of my holding at 80p (and the rest at 20p and 13p oops).

I like ITH, but just think the results for this year with the lack of income from the 2 lost contracts, and the new car market, will be very poor. Overseas income may take 2 financial years to make up.

A merger of ITH and TFC (if they can bear it) might be the best chance to increase some margins - before TFC takes ITH down with it by undercutting - a concern I had as soon as TFC began their RDS offering. Am not sure any of the competitors would need to buy ITH.

Posted at 09/3/2008 09:42 by grgkecer
Sunday Times

Itis Holdings

Alongside Trafficmaster, the AIM-listed Itis Holdings is the London stock market's only sizeable survivor of the turn-of-the-decade boom in vehicle telematics: the provision of real-time traffic and location data to drivers.

That is not to say that investors have enjoyed a smooth ride in the eight years since flotation. At yesterday's 43p, the shares sit at one quarter of their issue price.

The flipside is that Itis is now a growing, profitable company with a yield - it paid a maiden interim dividend last week - and technology that is gaining wider acceptance.

Evidence of such progress came with the announcement yesterday of a three-year deal to provide Garmin with UK traffic flow information for the US company's new range of in-car satellite navigation devices.

What is interesting about the tie-up is that Itis's traffic data will be bundled with Garmin's lower-priced products, signalling that a service once within reach of only the well-heeled motorist is now entering the mainstream.

It also cements Itis's relationship with Garmin, with which it is working, alongside Telefónica, in a pilot traffic information project in Barcelona.

Coupled with ITIS's £10.5 million purchase of Trafficlink in December, the deal should help to underpin sentiment after the loss of a high-margin contract with the Department for Transport.

In the meantime, a nascent overseas business - forged through joint ventures - is gaining momentum in Belgium, the US, Asia and Australia. At nine times current-year forecasts, Itis is inexpensive given double-digit earnings growth. Buy.

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