Tullow Oil (LON:TLW) Stock Price Down 18.2% - Here's What Happened

Tullow Oil plc (LON:TLW - Get Free Report) shares dropped 18.2% during trading on Wednesday . The company traded as low as GBX 16.14 ($0.22) and last traded at GBX 17.50 ($0.23). Approximately 112,878,094 shares were traded during trading, an increase of 1,064% from the average daily volume of 9,696,803 shares. The stock had previously closed at GBX 21.40 ($0.29).

Analyst Ratings Changes

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

Tullow Oil Price Performance

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. The business's fifty day simple moving average is GBX 14.61 and its 200 day simple moving average is GBX 17.23. The firm has a market capitalization of £312.60 million, a price-to-earnings ratio of 19.97, a PEG ratio of -0.19 and a beta of 2.08.

Insiders Place Their Bets

In other news, insider Roald Goethe acquired 100,000 shares of the business's stock in a transaction dated Wednesday, March 26th. The stock was bought at an average cost of GBX 17 ($0.23) per share, for a total transaction of £17,000 ($22,821.86). Insiders have bought a total of 400,000 shares of company stock valued at $5,900,000 in the last 90 days. 24.59% of the stock is currently owned by corporate insiders.

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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