Tullow Oil (LON:TLW) Shares Down 10.2% Following Analyst Downgrade

Shares of Tullow Oil plc (LON:TLW) dropped 10.2% during trading on Tuesday after Jefferies Financial Group lowered their price target on the stock from GBX 12 to GBX 6. Jefferies Financial Group currently has an underperform rating on the stock. Tullow Oil traded as low as GBX 8 ($0.11) and last traded at GBX 8.30 ($0.11). Approximately 30,649,705 shares were traded during mid-day trading, an increase of 280% from the average daily volume of 8,058,573 shares. The stock had previously closed at GBX 9.24 ($0.12).

Several other equities research analysts have also recently weighed in on TLW. Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a research report on Friday, September 5th. Canaccord Genuity Group lowered 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 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of GBX 15.33.

Insider Buying and Selling

In other news, insider Roald Goethe bought 2,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average price of GBX 12 per share, with a total value of £240,000. 1.34% of the stock is owned by insiders.

Tullow Oil Price Performance

The stock’s 50-day moving average is GBX 10.61 and its 200 day moving average is 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 company has a market cap of £121.60 million, a PE ratio of -0.59, a PEG 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.