Tullow Oil (LON:TLW) Shares Down 19% - What's Next?

Key Points

• Tullow Oil's stock price declined by 19% during trading on Wednesday, reaching a low of GBX 11.20 ($0.15).
• Analysts have mixed opinions on Tullow Oil, with Canaccord Genuity raising their price target to GBX 16 ($0.21) while maintaining a "hold" rating, and Shore Capital reiterating a "buy" rating.
• Insider Roald Goethe bought 100,000 shares at an average price of GBX 17 ($0.23), indicating confidence in the company's future prospects.

Shares of 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 ($0.15). 32,951,082 shares changed 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).

Analysts Set New Price Targets

Several brokerages have recently weighed in on TLW. Jefferies Financial Group reissued an "underperform" rating and issued a GBX 12 ($0.16) target price on shares of Tullow Oil in a research note on Thursday. Shore Capital reissued a "buy" rating on shares of Tullow Oil in a research note on Wednesday, July 30th. Finally, Canaccord Genuity Group reduced their target price on shares of Tullow Oil from GBX 16 ($0.21) to GBX 10 ($0.13) and set a "hold" rating on the stock in a research note on Thursday.

Tullow Oil Stock Performance

The stock has a market capitalization of £206.80 million, a PE ratio of 13.21, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. The firm's fifty day moving average is GBX 16.21 and its 200-day moving average is GBX 15.73. 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.

Insider Buying and Selling at Tullow Oil

In related news, insider Roald Goethe purchased 2,000,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were bought at an average cost of GBX 12 ($0.16) per share, for a total transaction of £240,000 ($320,598.45). Insiders own 24.59% 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.