Tullow Oil (LON:TLW) Shares Down 19% - Should You Sell?

Key Points

• Tullow Oil's shares have declined by 19% in mid-day trading, dropping to GBX 11.60 ($0.15) from a previous close of GBX 14.32 ($0.19).
• Analysts from Canaccord Genuity and Jefferies have issued reduced target prices on Tullow Oil, with Canaccord lowering it to GBX 10 ($0.13) and Jefferies setting a target of GBX 12 ($0.16).
• Insider Roald Goethe purchased 100,000 shares at an average cost of GBX 17 ($0.23), indicating a level of confidence from company insiders despite the recent stock decline.

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

Analyst Ratings Changes

TLW has been the topic of several recent analyst reports. Canaccord Genuity Group cut their target price on Tullow Oil from GBX 16 ($0.21) to GBX 10 ($0.13) and set a "hold" rating on the stock in a research note on Thursday. Jefferies Financial Group restated an "underperform" rating and issued a GBX 12 ($0.16) target price on shares of Tullow Oil in a research report on Thursday. Finally, Shore Capital reiterated a "buy" rating on shares of Tullow Oil in a research report on Wednesday, July 30th.

Tullow Oil Trading Down 1.2%

The firm has a market capitalization of £212.01 million, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. The firm's 50 day moving average is GBX 16.21 and its 200 day moving average is GBX 15.73. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of -1,776.31.

Insider Activity

In other news, insider Roald Goethe acquired 100,000 shares of Tullow Oil stock in a transaction on Wednesday, June 25th. The stock was bought at an average cost of GBX 17 ($0.23) per share, with a total value of £17,000 ($22,709.06). 24.59% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.