Tullow Oil (LON:TLW) Trading 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.

Shares of Tullow Oil plc (LON:TLW - Get Free Report) dropped 19% during trading on Thursday 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 11.20 ($0.15) and last traded at GBX 11.60 ($0.16). Approximately 32,951,082 shares were traded during trading, an increase of 312% from the average daily 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 reports. Jefferies Financial Group reaffirmed an "underperform" rating and issued a GBX 12 ($0.16) price objective on shares of Tullow Oil in a research note on Thursday. Canaccord Genuity Group cut their price objective on Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.13) and set a "hold" rating on the stock in a research note on Thursday.

Insiders Place Their Bets

In other news, insider Roald Goethe bought 2,000,000 shares of the stock in a transaction dated Wednesday, August 6th. The shares were bought at an average cost of GBX 12 ($0.16) per share, with a total value of £240,000 ($322,667.38). Insiders own 24.59% of the company's stock.

Tullow Oil Trading Down 7.6%

The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of -1,776.31. The stock has a market cap of £170.73 million, a PE ratio of 10.91, a PEG ratio of -0.19 and a beta of 2.08. The firm has a fifty day simple moving average of GBX 16.01 and a two-hundred day simple moving average of GBX 15.45.

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.