Tullow Oil (LON:TLW) Stock Price Up 10.4% – Here’s Why

Tullow Oil plc (LON:TLW)’s share price shot up 10.4% on Thursday . The stock traded as high as GBX 9.49 ($0.13) and last traded at GBX 9.16 ($0.12). 10,988,710 shares traded hands during 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

Several brokerages have recently weighed in on TLW. Canaccord Genuity Group lowered 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. Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a research report on Friday, September 5th. Finally, Jefferies Financial Group reduced their price target on shares of Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of GBX 15.33.

Tullow Oil Stock Performance

The stock has a market cap of £146.36 million, a P/E ratio of -0.71, a PEG ratio of -0.19 and a beta of 2.08. The company has a fifty day moving average of GBX 10.58 and a 200 day moving average of GBX 13.32. 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.

Insider Transactions at Tullow Oil

In other Tullow Oil news, insider Roald Goethe purchased 2,000,000 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were purchased at an average price of GBX 12 per share, for a total transaction of £240,000. Company insiders own 1.34% 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.