Tullow Oil (LON:TLW) Stock Price Down 16.2% - Here's Why

Key Points

• Tullow Oil's shares dropped 16.2% during mid-day trading, falling to GBX 12 ($0.16) from a previous close of GBX 14.32 ($0.19), with trading volume significantly increasing by 317%.
• Analyst ratings are mixed, with Shore Capital maintaining a "buy" rating, while Canaccord Genuity raised their price target but rated the stock as a "hold."
• Insider Roald Goethe purchased 100,000 shares at £17, indicating confidence in the company's future, with insiders owning 24.59% of the stock.

Tullow Oil plc (LON:TLW - Get Free Report) traded down 16.2% during mid-day trading on Wednesday . The stock traded as low as GBX 11.20 ($0.15) and last traded at GBX 12 ($0.16). 33,330,895 shares traded hands during mid-day trading, an increase of 317% from the average session volume of 7,991,608 shares. The stock had previously closed at GBX 14.32 ($0.19).

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Canaccord Genuity Group reduced their target price on Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.13) and set a "hold" rating on the stock in a research note on Thursday. Jefferies Financial Group reissued an "underperform" rating and issued a GBX 12 ($0.16) price target on shares of Tullow Oil in a research report on Thursday. Finally, 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 for the company in a research note on Friday.

Tullow Oil Trading Down 10.6%

The stock has a market capitalization of £184.79 million, a PE ratio of 11.80, a P/E/G ratio of -0.19 and a beta of 2.08. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of -1,776.31. The stock has a 50 day moving average price of GBX 16.01 and a 200-day moving average price of GBX 15.49.

Insider Buying and Selling at Tullow Oil

In other Tullow Oil news, insider Roald Goethe acquired 2,000,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average price of GBX 12 ($0.16) per share, with a total value of £240,000 ($322,797.58). 24.59% of the stock is owned by company insiders.

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.