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

Tullow Oil plc (LON:TLW)’s stock price traded down 10.2% during mid-day 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 were traded during mid-day 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).

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Shore Capital restated a “buy” rating on shares of Tullow Oil in a report on Friday, September 5th. Jefferies Financial Group decreased their target price 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. Finally, Canaccord Genuity Group dropped their price target on shares of Tullow Oil from GBX 16 to GBX 10 and set a “hold” rating for the company in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Tullow Oil has an average rating of “Hold” and an average target price of GBX 15.33.

Tullow Oil Price Performance

The company’s fifty day moving average is GBX 10.55 and its 200 day moving average is GBX 13.29. 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 stock has a market cap of £146.21 million, a PE ratio of -0.71, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08.

Insider Buying and Selling

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