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

Key Points

• Tullow Oil shares fell by 10.2% following a downgrade by Jefferies Financial Group, which lowered the price target from GBX 12 to GBX 6 and currently rates the stock as underperform.
• The stock experienced a significant increase in trading volume, with approximately 30.6 million shares changing hands, a 280% rise from the average daily volume.
• Despite the downgrade, other analysts like Shore Capital have reiterated a "buy" rating, indicating a mixed outlook for Tullow Oil with an average rating of "Hold" across analysts.

Tullow Oil plc (LON:TLW - Get Free Report)'s stock price was down 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).

A number of other brokerages also recently issued reports on TLW. Canaccord Genuity Group decreased their price objective on Tullow Oil from GBX 16 to GBX 10 and set a "hold" rating on the stock in a research report on Thursday, August 7th. Shore Capital restated a "buy" rating on shares of Tullow Oil in a research report on Friday, September 5th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of GBX 15.33.

Insider Buying and Selling at Tullow Oil

In other Tullow Oil news, insider Roald Goethe purchased 2,000,000 shares of Tullow Oil stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average cost of GBX 12 per share, for a total transaction of £240,000. Insiders own 1.34% of the company's stock.

Tullow Oil Stock Performance

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 firm has a fifty day moving average price of GBX 10.61 and a two-hundred day moving average price of GBX 13.35. The stock has a market capitalization of £121.60 million, a PE ratio of -0.59, 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.

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