Tullow Oil (LON:TLW) Trading Down 19% - Here's Why

Key Points

• Tullow Oil shares experienced a significant drop, falling 19% to close at GBX 11.60 ($0.15) amid increased trading volume of nearly 33 million shares.
• Despite the decline, analysts remain optimistic, with Shore Capital maintaining a "buy" rating and Canaccord Genuity raising their price target to GBX 16 ($0.21).
• Tullow Oil aims for Net Zero emissions by 2030 and focuses on sustainable development across its West-African operations.

Tullow Oil plc (LON:TLW - Get Free Report)'s stock price 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 changed hands during mid-day 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).

Wall Street Analyst Weigh In

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

Tullow Oil Price Performance

The firm has a market capitalization of £184.79 million, a price-to-earnings ratio of 11.80, a PEG ratio of -0.19 and a beta of 2.08. The business's fifty day simple moving average is GBX 16.01 and its 200 day simple moving average is GBX 15.49. 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.

Insider Buying and Selling at Tullow Oil

In other Tullow Oil news, insider Roald Goethe acquired 2,000,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were purchased at an average cost of GBX 12 ($0.16) per share, with a total value of £240,000 ($322,797.58). Company 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.