Tullow Oil (LON:TLW) Shares Down 19.1% - Here's Why

Tullow Oil plc (LON:TLW - Get Free Report) shares were down 19.1% during mid-day trading on Wednesday . The stock traded as low as GBX 16.14 ($0.22) and last traded at GBX 17.32 ($0.23). Approximately 110,832,781 shares traded hands during trading, an increase of 1,045% from the average daily volume of 9,679,171 shares. The stock had previously closed at GBX 21.40 ($0.29).

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TLW. Canaccord Genuity Group lifted their target price on Tullow Oil from GBX 14 ($0.19) to GBX 16 ($0.21) and gave the company a "hold" rating in a research report on Thursday, May 29th. Shore Capital reiterated a "buy" rating on shares of Tullow Oil in a research note on Wednesday, June 4th.

Tullow Oil Stock Performance

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 company has a market cap of £321.50 million, a price-to-earnings ratio of 20.54, a P/E/G ratio of -0.19 and a beta of 2.08. The stock's fifty day simple moving average is GBX 14.61 and its 200 day simple moving average is GBX 17.23.

Insider Buying and Selling

In other news, insider Roald Goethe bought 150,000 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was bought at an average cost of GBX 14 ($0.19) per share, for a total transaction of £21,000 ($28,191.70). Over the last three months, insiders acquired 400,000 shares of company stock worth $5,900,000. 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.

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