Tullow Oil (LON:TLW) Stock Price Down 6.6% After Analyst Downgrade

Key Points

• Tullow Oil's stock price declined by 6.6% after Canaccord Genuity Group downgraded its price target from GBX 16 to GBX 10, maintaining a hold rating on the stock.
• Insider Roald Goethe purchased 2,000,000 shares at an average cost of GBX 12 per share, reflecting ongoing confidence among corporate insiders as they currently own 24.59% of the stock.
• The company has a significant debt-to-equity ratio of -1,776.31 and operates primarily in West Africa, focusing on responsible development and aiming for Net Zero emissions by 2030.

Tullow Oil plc (LON:TLW - Get Free Report) shares traded down 6.6% during trading on Friday 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 10.12 ($0.14) and last traded at GBX 10.44 ($0.14). 54,772,246 shares traded hands during mid-day trading, an increase of 557% from the average session volume of 8,330,461 shares. The stock had previously closed at GBX 11.18 ($0.15).

A number of other research firms also recently weighed in on TLW. Canaccord Genuity Group dropped their price target on shares of Tullow Oil from GBX 16 ($0.21) to GBX 10 ($0.13) and set a "hold" rating for the company in a research note on Thursday, August 7th. Jefferies Financial Group reaffirmed an "underperform" rating and issued a GBX 12 ($0.16) target price on shares of Tullow Oil in a research note on Thursday, August 7th.

Insider Buying and Selling at Tullow Oil

In related news, insider Roald Goethe acquired 2,000,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average cost of GBX 12 ($0.16) per share, for a total transaction of £240,000 ($322,364.00). Company insiders own 24.59% of the company's stock.

Tullow Oil Stock Performance

The stock's 50 day moving average price is GBX 15.90 and its 200 day moving average price is GBX 15.37. 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 company has a market capitalization of £189.41 million, a P/E ratio of 12.10, a price-to-earnings-growth 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.