Tullow Oil (LON:TLW) Stock Price Down 17.1% – Here’s What Happened

Tullow Oil plc (LON:TLW)’s stock price dropped 17.1% during trading on Wednesday . The company traded as low as GBX 16.14 ($0.22) and last traded at GBX 17.74 ($0.24). Approximately 107,394,563 shares traded hands during trading, an increase of 1,013% from the average daily volume of 9,649,530 shares. The stock had previously closed at GBX 21.40 ($0.29).

Analyst Upgrades and Downgrades

TLW has been the subject of a number of analyst reports. Canaccord Genuity Group increased their target price on shares of Tullow Oil from GBX 14 ($0.19) to GBX 16 ($0.21) and gave the stock a “hold” rating in a report on Thursday, May 29th. Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a research report on Wednesday, June 4th.

Tullow Oil Stock Performance

The company has a debt-to-equity ratio of -1,776.31, a quick ratio of 0.63 and a current ratio of 0.70. The stock has a market capitalization of £330.73 million, a P/E ratio of 21.13, a PEG ratio of -0.19 and a beta of 2.08. The business has a 50-day moving average price of GBX 14.61 and a 200 day moving average price of GBX 17.23.

Insider Buying and Selling at Tullow Oil

In related news, insider Roald Goethe bought 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The shares were bought at an average price of GBX 17 ($0.23) per share, for a total transaction of £17,000 ($22,821.86). In the last three months, insiders have acquired 400,000 shares of company stock worth $5,900,000. Insiders own 24.59% 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.