Tullow Oil (LON:TLW) Stock Price Down 19% - Here's What Happened

Key Points

• Tullow Oil's shares fell by 19%, trading as low as GBX 11.20 ($0.15) during mid-day trading, significantly below its previous close of GBX 14.32 ($0.19).
• Despite the drop in stock price, Shore Capital maintained a "buy" rating, while Canaccord Genuity raised their target price to GBX 16 ($0.21) and issued a "hold" rating.
• Corporate insider Roald Goethe purchased 100,000 shares at £17, signaling confidence in the company amidst the recent decline in share price.

Tullow Oil plc (LON:TLW - Get Free Report) fell 19% during trading on Wednesday . The stock traded as low as GBX 11.20 ($0.15) and last traded at GBX 11.60 ($0.16). 32,951,082 shares were traded during trading, an increase of 312% from the average session volume of 7,989,093 shares. The stock had previously closed at GBX 14.32 ($0.19).

Analyst Upgrades and Downgrades

Several research firms have recently commented on TLW. Shore Capital decreased their price objective on Tullow Oil from GBX 45 ($0.61) to GBX 30 ($0.40) and set a "buy" rating for the company in a report on Friday. Jefferies Financial Group restated an "underperform" rating and set a GBX 12 ($0.16) price objective on shares of Tullow Oil in a report on Thursday. Finally, Canaccord Genuity Group decreased their price objective on Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.13) and set a "hold" rating for the company in a report on Thursday.

Tullow Oil Stock Performance

The company has a market cap of £184.79 million, a PE ratio of 11.80, 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. The company has a 50-day moving average of GBX 16.01 and a 200-day moving average of GBX 15.45.

Insider Activity

In related news, insider Roald Goethe bought 2,000,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were bought at an average price of GBX 12 ($0.16) per share, with a total value of £240,000 ($322,667.38). 24.59% of the stock is currently owned by insiders.

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.