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

Tullow Oil logo with Energy background

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.
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Tullow Oil plc (LON:TLW - Get Free Report) shares were down 19% on Wednesday . The stock traded as low as GBX 11.20 ($0.15) and last traded at GBX 11.60 ($0.15). Approximately 32,951,082 shares traded hands 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).

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TLW shares. Shore Capital reiterated a "buy" rating on shares of Tullow Oil in a research report on Wednesday, July 30th. Canaccord Genuity Group upped their price target on Tullow Oil from GBX 14 ($0.19) to GBX 16 ($0.21) and gave the company a "hold" rating in a research report on Thursday, May 29th.

Read Our Latest Research Report on Tullow Oil

Tullow Oil Stock Performance

The firm has a market cap of £214.57 million, a PE ratio of 13.71, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. 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. The company has a 50 day simple moving average of GBX 16.21 and a 200-day simple moving average of GBX 15.73.

Insider Buying and Selling

In other news, insider Roald Goethe acquired 100,000 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was acquired at an average price of GBX 17 ($0.23) per share, for a total transaction of £17,000 ($22,709.06). 24.59% of the stock is owned by insiders.

About Tullow Oil

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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