Tullow Oil (LON:TLW) Shares Down 7.6% on Analyst Downgrade

Key Points

• Tullow Oil shares declined 7.6% following a downgrade by Shore Capital, which lowered its price target from GBX 45 to GBX 30 while maintaining a buy rating.
• Other analysts, including Jefferies Financial Group and Canaccord Genuity, have issued reports with further reduced price targets and ratings, indicating a growing consensus of caution around the stock.
• Insider Roald Goethe purchased 2,000,000 shares at an average price of GBX 12, demonstrating some confidence from company insiders despite the stock's recent downturn.

Tullow Oil plc (LON:TLW - Get Free Report) fell 7.6% 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 traded hands during mid-day 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).

TLW has been the subject of a number of other research reports. Canaccord Genuity Group reduced their target price on Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.14) and set a "hold" rating for the company in a report on Thursday, August 7th. Jefferies Financial Group restated an "underperform" rating and issued a GBX 12 ($0.16) price objective on shares of Tullow Oil in a research report on Thursday, August 7th.

Insider Activity at Tullow Oil

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

Tullow Oil Price Performance

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. The stock has a market capitalization of £205.91 million, a price-to-earnings ratio of 13.15, a PEG ratio of -0.19 and a beta of 2.08. The stock has a 50-day moving average price of GBX 15.61 and a 200 day moving average price of GBX 15.23.

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.