Tullow Oil (LON:TLW) Trading Down 10.2% – Here’s Why

Shares of Tullow Oil plc (LON:TLW) fell 10.2% during trading on Wednesday . The company traded as low as GBX 8 ($0.11) and last traded at GBX 8.30 ($0.11). 30,649,705 shares traded hands during trading, an increase of 280% from the average session volume of 8,058,573 shares. The stock had previously closed at GBX 9.24 ($0.12).

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TLW. Shore Capital reiterated a “buy” rating on shares of Tullow Oil in a report on Friday, September 5th. Canaccord Genuity Group cut their target price on Tullow Oil from GBX 16 to GBX 10 and set a “hold” rating for the company in a research note on Thursday, August 7th. Finally, Jefferies Financial Group cut their target price on Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating for the company in a research note on Monday. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Tullow Oil currently has an average rating of “Hold” and an average price target of GBX 15.33.

Tullow Oil Stock Up 8.3%

The business has a 50 day moving average of GBX 10.61 and a 200 day moving average of GBX 13.35. 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 firm has a market capitalization of £131.71 million, a price-to-earnings ratio of -0.64, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08.

Insider Activity at Tullow Oil

In related news, insider Roald Goethe purchased 2,000,000 shares of the stock in a transaction on Wednesday, August 6th. The shares were purchased at an average cost of GBX 12 per share, for a total transaction of £240,000. Insiders own 1.34% of the company’s stock.

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.