Tullow Oil (LON:TLW) Stock Price Down 19% - Time to Sell?

Key Points

• Tullow Oil's stock plummeted 19%, trading as low as GBX 11.20 ($0.15), with a significant increase in trading volume at 32,951,082 shares.
• Brokerages have responded to the downturn, with Canaccord Genuity raising their price target on Tullow Oil to GBX 16 ($0.21) and maintaining a "hold" rating.
• The company has announced plans to achieve Net Zero emissions on its Scope 1 and 2 emissions by 2030 as part of its commitment to responsible oil and gas development in Africa.

Shares of Tullow Oil plc (LON:TLW - Get Free Report) traded down 19% on Wednesday . The stock traded as low as GBX 11.20 ($0.15) and last traded at GBX 11.60 ($0.16). 32,951,082 shares were traded during trading, an increase of 312% from the average session volume of 7,989,093 shares. The stock had previously closed at GBX 14.32 ($0.19).

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Canaccord Genuity Group dropped 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. Shore Capital lowered their price objective on Tullow Oil from GBX 45 ($0.61) to GBX 30 ($0.40) and set a "buy" rating for the company in a research report on Friday. Finally, Jefferies Financial Group reiterated an "underperform" rating and issued a GBX 12 ($0.16) price objective on shares of Tullow Oil in a research note on Thursday.

Tullow Oil Price Performance

The company has a 50-day moving average of GBX 16.01 and a 200-day moving average of GBX 15.45. 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.

Insider Activity

In related news, insider Roald Goethe bought 2,000,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was bought at an average price of GBX 12 ($0.16) per share, with a total value of £240,000 ($322,667.38). 24.59% of the stock is owned by corporate insiders.

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.