Tullow Oil (LON:TLW) Stock Price Down 18.1% – Here’s What Happened

Tullow Oil plc (LON:TLW)’s share price dropped 18.1% on Wednesday . The stock traded as low as GBX 16.14 ($0.22) and last traded at GBX 17.52 ($0.24). Approximately 110,524,000 shares changed hands during mid-day trading, an increase of 1,042% from the average daily volume of 9,676,509 shares. The stock had previously closed at GBX 21.40 ($0.29).

Wall Street Analyst Weigh In

A number of analysts recently commented on TLW shares. Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a research note on Wednesday, June 4th. Canaccord Genuity Group increased their price objective on Tullow Oil from GBX 14 ($0.19) to GBX 16 ($0.22) and gave the company a “hold” rating in a research note on Thursday, May 29th.

Tullow Oil Trading Down 0.5%

The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of -1,776.31. The firm has a market cap of £337.76 million, a price-to-earnings ratio of 21.58, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. The business has a 50 day moving average of GBX 14.80 and a 200 day moving average of GBX 17.21.

Insider Activity at Tullow Oil

In other Tullow Oil news, insider Roald Goethe bought 150,000 shares of Tullow Oil stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average cost of GBX 14 ($0.19) per share, for a total transaction of £21,000 ($28,279.02). Insiders have purchased a total of 400,000 shares of company stock valued at $5,900,000 over the last quarter. 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.