Tullow Oil (LON:TLW) Shares Up 23.1% – Here’s Why

Tullow Oil plc (LON:TLW) shot up 23.1% during mid-day trading on Wednesday . The stock traded as high as GBX 4.90 and last traded at GBX 4.80. 38,513,406 shares were traded during mid-day trading, an increase of 266% from the average session volume of 10,528,255 shares. The stock had previously closed at GBX 3.90.

Wall Street Analyst Weigh In

TLW has been the subject of a number of research reports. Panmure Gordon cut their price objective on shares of Tullow Oil from GBX 7.80 to GBX 5.40 and set a “sell” rating on the stock in a research report on Monday. Jefferies Financial Group reduced their price objective on shares of Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating for the company in a research note on Monday, October 20th. Shore Capital reiterated a “buy” rating on shares of Tullow Oil in a report on Friday, September 5th. Finally, Canaccord Genuity Group cut 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. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Tullow Oil has an average rating of “Reduce” and an average price target of GBX 12.85.

Tullow Oil Stock Performance

The firm has a market cap of £70.32 million, a P/E ratio of -0.34, a PEG ratio of -0.19 and a beta of 2.08. The company has a debt-to-equity ratio of -1,776.31, a current ratio of 0.70 and a quick ratio of 0.63. The stock’s 50 day moving average is GBX 9.50 and its two-hundred day moving average is GBX 12.51.

Tullow Oil Company Profile

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.