Tullow Oil (LON:TLW) Stock Price Down 15.4% - Here's Why

Key Points

• Tullow Oil's shares dropped by 15.4% during mid-day trading, reaching as low as GBX 11.20 ($0.15) before ending at GBX 12.12 ($0.16).
• Analysts have set a new price target for Tullow Oil, with Canaccord Genuity raising it to GBX 16 ($0.21) while maintaining a "hold" rating, and Shore Capital reiterating a "buy" rating.
• Insider Roald Goethe acquired 100,000 shares at an average price of GBX 17 ($0.23), indicating confidence in the company's future despite recent stock declines.

Tullow Oil plc (LON:TLW - Get Free Report) was down 15.4% during mid-day trading on Wednesday . The stock traded as low as GBX 11.20 ($0.15) and last traded at GBX 12.12 ($0.16). Approximately 30,990,434 shares changed hands during mid-day trading, an increase of 289% from the average daily volume of 7,974,878 shares. The stock had previously closed at GBX 14.32 ($0.19).

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Canaccord Genuity Group dropped their price target on shares of Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.13) and set a "hold" rating for the company in a research note on Thursday. Shore Capital reduced their price objective on shares of Tullow Oil from GBX 45 ($0.61) to GBX 30 ($0.40) and set a "buy" rating on the stock in a research note on Friday. Finally, Jefferies Financial Group reissued an "underperform" rating and set a GBX 12 ($0.16) price objective on shares of Tullow Oil in a research note on Thursday.

Tullow Oil Stock Down 10.6%

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 £184.79 million, a price-to-earnings ratio of 11.80, a P/E/G ratio of -0.19 and a beta of 2.08. The firm's fifty day simple moving average is GBX 16.01 and its 200 day simple moving average is GBX 15.49.

Insider Buying and Selling

In other Tullow Oil news, insider Roald Goethe acquired 2,000,000 shares of the stock in a transaction dated Wednesday, August 6th. The shares were bought at an average cost of GBX 12 ($0.16) per share, for a total transaction of £240,000 ($322,797.58). Company 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.