Tullow Oil (LON:TLW) Stock Price Up 10.4% - Here's What Happened

Key Points

• Tullow Oil's stock price surged 10.4% during mid-day trading on Wednesday, reaching a high of GBX 9.49 ($0.13), with trading volume increasing by 36% compared to the average.
• Analyst ratings for Tullow Oil are mixed, with one brokerage maintaining a "buy" rating, while others have reduced their price targets and issued a "hold" or "underperform" rating.
• Insider Roald Goethe purchased 2,000,000 shares of Tullow Oil at an average price of GBX 12 per share, signaling confidence in the company's future potential.

Tullow Oil plc (LON:TLW - Get Free Report)'s stock price shot up 10.4% during mid-day trading on Wednesday . The company traded as high as GBX 9.49 ($0.13) and last traded at GBX 9.16 ($0.12). 10,988,710 shares changed hands during trading, an increase of 36% from the average session volume of 8,073,210 shares. The stock had previously closed at GBX 8.30 ($0.11).

Analyst Ratings Changes

A number of brokerages recently issued reports on TLW. Shore Capital restated a "buy" rating on shares of Tullow Oil in a report on Friday, September 5th. Jefferies Financial Group reduced their price target on Tullow Oil from GBX 12 to GBX 6 and set an "underperform" rating on the stock in a report on Monday. Finally, Canaccord Genuity Group reduced their price target on Tullow Oil from GBX 16 to GBX 10 and set a "hold" rating on the stock in a report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of GBX 15.33.

Tullow Oil Stock Performance

The company has a 50-day simple moving average of GBX 10.61 and a two-hundred day simple moving average of GBX 13.35. 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 firm has a market capitalization of £134.20 million, a P/E ratio of -0.65, a PEG ratio of -0.19 and a beta of 2.08.

Insiders Place Their Bets

In other news, insider Roald Goethe acquired 2,000,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were acquired at an average cost of GBX 12 per share, with a total value of £240,000. Insiders own 1.34% 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.

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