Tullow Oil (LON:TLW) Shares Up 10.4% - Here's Why

Key Points

• Tullow Oil shares rose by 10.4%, trading at GBX 9.16 ($0.12), with trading volume increasing by 36% from the average.
• Analysts have mixed views, with Jefferies cutting their target price to GBX 6 and labeling the stock as "underperform," while Shore Capital maintains a "buy" rating.
• Insider Roald Goethe purchased 2,000,000 shares at GBX 12 each, indicating insider confidence in the company's future.

Tullow Oil plc (LON:TLW - Get Free Report)'s share price was up 10.4% on Wednesday . The company traded as high as GBX 9.49 ($0.13) and last traded at GBX 9.16 ($0.12). Approximately 10,988,710 shares changed hands during trading, an increase of 36% from the average daily volume of 8,073,210 shares. The stock had previously closed at GBX 8.30 ($0.11).

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TLW shares. Jefferies Financial Group cut their target price on shares of Tullow Oil from GBX 12 to GBX 6 and set an "underperform" rating for the company in a research report on Monday. Shore Capital reiterated a "buy" rating on shares of Tullow Oil in a research note on Friday, September 5th. Finally, Canaccord Genuity Group reduced their target price on shares of Tullow Oil from GBX 16 to GBX 10 and set a "hold" rating for the company in a research note on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of GBX 15.33.

Tullow Oil Stock Performance

The firm has a market cap of £134.20 million, a P/E ratio of -0.65, a PEG ratio of -0.19 and a beta of 2.08. The stock's 50 day moving average is GBX 10.61 and its two-hundred day moving average is GBX 13.35. The company has a debt-to-equity ratio of -1,776.31, a current ratio of 0.70 and a quick ratio of 0.63.

Insiders Place Their Bets

In other news, insider Roald Goethe acquired 2,000,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were purchased at an average cost of GBX 12 per share, with a total value of £240,000. Corporate insiders own 1.34% of the company's stock.

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.

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