Tullow Oil (LON:TLW) Shares Up 10.4% – What’s Next?

Shares of Tullow Oil plc (LON:TLW) traded up 10.4% on Wednesday . The company traded as high as GBX 9.49 ($0.13) and last traded at GBX 9.16 ($0.12). 10,988,710 shares changed hands during mid-day trading, an increase of 36% from the average session volume of 8,073,210 shares. The stock had previously closed at GBX 8.30 ($0.11).

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Canaccord Genuity Group lowered their target price on Tullow Oil from GBX 16 to GBX 10 and set a “hold” rating on the stock in a report on Thursday, August 7th. Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a research note on Friday, September 5th. Finally, Jefferies Financial Group decreased their price objective on Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating on the stock in a research note on Monday. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Tullow Oil has a consensus rating of “Hold” and a consensus price target of GBX 15.33.

Tullow Oil Price Performance

The firm has a 50 day moving average of GBX 10.58 and a 200-day moving average of GBX 13.32. The company has a market cap of £148.71 million, a P/E ratio of -0.73, a P/E/G 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.

Insiders Place Their Bets

In other news, insider Roald Goethe purchased 2,000,000 shares of the business’s stock in a transaction on Wednesday, August 6th. The stock was acquired at an average price of GBX 12 per share, for a total transaction of £240,000. 1.34% of the stock is owned by corporate insiders.

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.