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

Key Points

• Tullow Oil's shares fell by 10.2% after Jefferies Financial Group downgraded the stock's price target from GBX 12 to GBX 6, currently rating it as "underperform."
• The stock saw a significant increase in trading volume, with over 30 million shares exchanged, marking a 280% rise from the average trading session.
• Despite the downgrade, Tullow Oil has mixed ratings from analysts, with one buy, one hold, and one sell rating, resulting in a consensus rating of "hold."

Tullow Oil plc (LON:TLW - Get Free Report) shares were down 10.2% during mid-day 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 traded hands during 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).

Other equities analysts also recently issued reports about the company. Shore Capital reissued a "buy" rating on shares of Tullow Oil in a research report on Friday, September 5th. Canaccord Genuity Group lowered their price objective on 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 assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Tullow Oil currently has an average rating of "Hold" and a consensus target price of GBX 15.33.

Insiders Place Their Bets

In other news, insider Roald Goethe acquired 2,000,000 shares of Tullow Oil stock in a transaction on Wednesday, August 6th. The stock was bought at an average price of GBX 12 per share, for a total transaction of £240,000. Corporate insiders own 1.34% of the company's stock.

Tullow Oil Price Performance

The company has a 50-day simple moving average of GBX 10.61 and a 200-day simple moving average of GBX 13.35. The stock 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. 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.

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.

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