Tullow Oil (LON:TLW) Stock Price Down 19% on Analyst Downgrade

Key Points

• Tullow Oil's stock price fell 19% after Canaccord Genuity downgraded its price target from GBX 16 to GBX 10, now holding a "hold" rating on the stock.
• Despite the downgrade, Shore Capital maintains a "buy" rating, indicating a mixed sentiment among analysts regarding the stock's potential.
• Insider Roald Goethe purchased 100,000 shares at an average price of GBX 17, reflecting confidence in the company's future amidst recent volatility.

Tullow Oil plc (LON:TLW - Get Free Report)'s share price traded down 19% during mid-day trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from GBX 16 to GBX 10. Canaccord Genuity Group currently has a hold rating on the stock. Tullow Oil traded as low as GBX 11.20 ($0.15) and last traded at GBX 11.60 ($0.15). 32,951,082 shares traded hands 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).

TLW has been the topic of a number of other research reports. Shore Capital reiterated a "buy" rating on shares of Tullow Oil in a research note on Wednesday, July 30th. Jefferies Financial Group reaffirmed an "underperform" rating and issued a GBX 12 ($0.16) price target on shares of Tullow Oil in a research note on Thursday.

Insider Activity

In related news, insider Roald Goethe purchased 100,000 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was bought at an average cost of GBX 17 ($0.23) per share, with a total value of £17,000 ($22,709.06). 24.59% of the stock is currently owned by company insiders.

Tullow Oil Trading Down 0.9%

The company has a 50 day moving average of GBX 16.21 and a 200 day moving average of GBX 15.73. 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 stock has a market capitalization of £212.72 million, a price-to-earnings ratio of 13.59, a P/E/G ratio of -0.19 and a beta of 2.08.

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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