Tullow Oil (LON:TLW) Shares Up 14.3% – Here’s Why

Tullow Oil plc (LON:TLW) shares were up 14.3% on Wednesday . The company traded as high as GBX 15.91 ($0.21) and last traded at GBX 15.64 ($0.21). Approximately 11,230,354 shares were traded during trading, an increase of 19% from the average daily volume of 9,404,102 shares. The stock had previously closed at GBX 13.68 ($0.18).

Analysts Set New Price Targets

A number of research analysts recently weighed in on TLW shares. Shore Capital reissued a “buy” rating on shares of Tullow Oil in a research report on Tuesday, May 6th. Canaccord Genuity Group dropped their target price on shares of 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 Trading Down 6.0%

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 has a market capitalization of £271.91 million, a PE ratio of 17.37, a PEG ratio of -0.19 and a beta of 2.08. The stock’s 50 day simple moving average is GBX 14.02 and its two-hundred day simple moving average is GBX 18.37.

Insider Buying and Selling at Tullow Oil

In other Tullow Oil news, insider Roald Goethe purchased 100,000 shares of the stock in a transaction dated Wednesday, March 26th. The shares were bought at an average price of GBX 17 ($0.23) per share, with a total value of £17,000 ($22,624.43). Insiders have purchased a total of 400,000 shares of company stock worth $5,900,000 over the last three months. 24.59% of the stock is currently owned by 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.