Tullow Oil (LON:TLW) Trading Down 7.6% After Analyst Downgrade

Tullow Oil plc (LON:TLW)’s share price was down 7.6% during mid-day trading on Monday after Shore Capital lowered their price target on the stock from GBX 45 to GBX 30. Shore Capital currently has a buy rating on the stock. Tullow Oil traded as low as GBX 9.23 ($0.12) and last traded at GBX 9.23 ($0.12). Approximately 18,525,377 shares changed hands during mid-day trading, an increase of 125% from the average daily volume of 8,216,844 shares. The stock had previously closed at GBX 9.99 ($0.13).

TLW has been the topic of several other research reports. Canaccord Genuity Group reduced their price target on Tullow Oil from GBX 16 ($0.21) to GBX 10 ($0.13) and set a “hold” rating on the stock in a report on Thursday, August 7th. Jefferies Financial Group reiterated an “underperform” rating and set a GBX 12 ($0.16) price target on shares of Tullow Oil in a report on Thursday, August 7th.

Insider Activity at Tullow Oil

In related news, insider Roald Goethe acquired 2,000,000 shares of the stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average cost of GBX 12 ($0.16) per share, with a total value of £240,000 ($322,364.00). Corporate insiders own 24.59% of the company’s stock.

Tullow Oil Price Performance

The stock has a fifty day moving average of GBX 15.90 and a 200-day moving average of GBX 15.37. 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 capitalization of £170.73 million, a price-to-earnings ratio of 10.91, a P/E/G ratio of -0.19 and a beta of 2.08.

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.