Tullow Oil (LON:TLW) Stock Price Down 7.6% on 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) fell 7.6% during trading 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). 18,525,377 shares were traded during trading, an increase of 125% from the average session volume of 8,216,844 shares. The stock had previously closed at GBX 9.99 ($0.14).

Other equities analysts also recently issued research reports about the company. 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, August 7th. Canaccord Genuity Group dropped their price target on Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.14) and set a "hold" rating for the company in a research report on Thursday, August 7th.

Insider Transactions at Tullow Oil

In other Tullow Oil news, insider Roald Goethe purchased 2,000,000 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was purchased at an average price of GBX 12 ($0.16) per share, for a total transaction of £240,000 ($324,719.25). 24.59% of the stock is owned by insiders.

Tullow Oil Price Performance

The company's fifty day moving average price is GBX 15.61 and its 200 day moving average price is GBX 15.23. The company has a market capitalization of £205.91 million, a P/E ratio of 13.15, a PEG ratio of -0.19 and a beta of 2.08. 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.

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.