Tullow Oil (LON:TLW) Trading 10.4% Higher - Should You Buy?

Key Points

• Tullow Oil's share price increased by 10.4% on Wednesday, reaching a high of GBX 9.49 ($0.13) with a trading volume that was 36% higher than its average.
• The company has received mixed analyst ratings, with one "Buy," one "Hold," and one "Sell," resulting in a consensus rating of "Hold" and an average price target of GBX 15.33.
• Tullow Oil has a commitment to achieving net-zero emissions on its Scope 1 and 2 by 2030 as part of its responsible development strategy in Africa.

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TLW. Shore Capital reiterated a "buy" rating on shares of Tullow Oil in a report on Friday, September 5th. Jefferies Financial Group cut their price objective on Tullow Oil from GBX 12 to GBX 6 and set an "underperform" rating for the company in a research report on Monday. Finally, Canaccord Genuity Group reduced their price objective on Tullow Oil from GBX 16 to GBX 10 and set a "hold" rating for the company in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Tullow Oil has a consensus rating of "Hold" and an average price target of GBX 15.33.

Tullow Oil Stock Performance

The company has a market capitalization of £134.20 million, a price-to-earnings ratio of -0.65, a P/E/G ratio of -0.19 and a beta of 2.08. The firm's 50 day simple moving average is GBX 10.58 and its 200-day simple moving average is GBX 13.32. 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.

Insider Buying and Selling

In related news, insider Roald Goethe acquired 2,000,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were purchased 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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