Tullow Oil (LON:TLW) Stock Price Down 7.6% Following Analyst Downgrade

Key Points

• Tullow Oil's stock price fell 7.6% following an analyst downgrade from Shore Capital, which lowered its price target from GBX 45 to GBX 30 while maintaining a buy rating.
• Other analysts have also adjusted their ratings, with Canaccord Genuity lowering its target price to GBX 10 and maintaining a "hold" rating, while Jefferies has a target price of GBX 12 with an "underperform" rating.
• Insider Roald Goethe purchased 2 million shares at an average cost of GBX 12, indicating continued confidence in Tullow Oil by its insiders.

Tullow Oil plc (LON:TLW - Get Free Report) fell 7.6% during trading on Monday 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 9.23 ($0.12) and last traded at GBX 9.23 ($0.12). 18,525,377 shares changed hands during trading, an increase of 125% from the average session volume of 8,216,844 shares. The stock had previously closed at GBX 9.99 ($0.14).

A number of other brokerages have also recently weighed in on TLW. Canaccord Genuity Group reduced their price objective on Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.14) and set a "hold" rating for the company in a research note on Thursday, August 7th. Jefferies Financial Group reissued an "underperform" rating and issued a GBX 12 ($0.16) target price on shares of Tullow Oil in a report on Thursday, August 7th.

Insider Buying and Selling at Tullow Oil

In other news, insider Roald Goethe purchased 2,000,000 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was purchased at an average price of GBX 12 ($0.16) per share, with a total value of £240,000 ($324,719.25). Corporate insiders own 24.59% of the company's stock.

Tullow Oil Stock Down 3.3%

The firm's fifty day moving average price is GBX 15.61 and its 200-day moving average price is GBX 15.23. The company has a market capitalization of £204.95 million, a price-to-earnings ratio of 13.09, a P/E/G 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.

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.