Tullow Oil (LON:TLW) Stock Price Up 14.3% – Time to Buy?

Tullow Oil plc (LON:TLW)’s stock price shot up 14.3% during mid-day trading on Wednesday . The company traded as high as GBX 15.91 ($0.21) and last traded at GBX 15.64 ($0.21). 11,230,354 shares changed hands during mid-day trading, an increase of 19% from the average session volume of 9,404,102 shares. The stock had previously closed at GBX 13.68 ($0.18).

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TLW. Shore Capital reissued a “buy” rating on shares of Tullow Oil in a research note on Tuesday, May 6th. Canaccord Genuity Group reduced their price objective on Tullow Oil from GBX 35 ($0.47) to GBX 25 ($0.33) and set a “speculative buy” rating on the stock in a research note on Thursday, February 20th.

Tullow Oil Stock Up 0.5%

The firm has a market capitalization of £276.72 million, a price-to-earnings ratio of 17.68, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of -1,776.31. The firm has a 50 day moving average price of GBX 14.08 and a two-hundred day moving average price of GBX 18.32.

Insider Activity

In other news, insider Roald Goethe acquired 150,000 shares of Tullow Oil stock in a transaction dated Friday, April 4th. The shares were acquired at an average cost of GBX 14 ($0.19) per share, with a total value of £21,000 ($27,947.83). Insiders have bought 400,000 shares of company stock valued at $5,900,000 in the last three months. Corporate insiders own 24.59% of the company’s stock.

About Tullow Oil

Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. The Company’s operations are focused on its West-African producing assets in Ghana, Gabon and Côte d’Ivoire, alongside a material discovered resource base in Kenya. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030 and has a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations.