Tullow Oil (LON:TLW) Shares Down 7.6% After Analyst Downgrade

Key Points

• Tullow Oil's shares experienced a significant decline of 7.6% following an analyst downgrade by Shore Capital, which reduced the price target from GBX 45 to GBX 30.
• The company's market capitalization stands at £170.73 million, and its shares traded at GBX 9.23 ($0.12) during the latest session, with trading volume increasing by 125% from the average.
• Insider Roald Goethe has acquired 2 million shares at an average price of GBX 12 ($0.16), indicating ongoing confidence in the company's potential despite the stock's recent performance.

Shares of Tullow Oil plc (LON:TLW - Get Free Report) dropped 7.6% on Monday after Shore Capital lowered their price target on the stock from GBX 45 to GBX 30. Shore Capital currently has a buy rating on the stock. Tullow Oil traded as low as GBX 9.23 ($0.12) and last traded at GBX 9.23 ($0.12). Approximately 18,525,377 shares traded hands during trading, an increase of 125% from the average daily volume of 8,216,844 shares. The stock had previously closed at GBX 9.99 ($0.13).

A number of other brokerages also recently commented on TLW. Canaccord Genuity Group cut their target price on shares of 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 reissued an "underperform" rating and set a GBX 12 ($0.16) price target on shares of Tullow Oil in a research report on Thursday.

Insider Buying and Selling at Tullow Oil

In related news, insider Roald Goethe bought 2,000,000 shares of the stock in a transaction dated Wednesday, August 6th. The stock was bought at an average cost of GBX 12 ($0.16) per share, with a total value of £240,000 ($322,364.00). 24.59% of the stock is currently owned by corporate insiders.

Tullow Oil Stock Down 7.6%

The stock has a market cap of £170.73 million, a P/E ratio of 10.91, a P/E/G ratio of -0.19 and a beta of 2.08. 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 firm has a 50 day simple moving average of GBX 15.90 and a two-hundred day simple moving average of GBX 15.37.

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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