Tullow Oil (LON:TLW) Trading 10.4% Higher - Still a Buy?

Key Points

• Tullow Oil's share price increased by 10.4%, reaching a high of GBX 9.49 and closing at GBX 9.16, with trading volume significantly up by 36% compared to its average.
• Analysts have mixed ratings for the stock, with one analyst issuing a Buy, another a Hold, and a third a Sell, while the consensus price target is GBX 15.33.
• Insider Roald Goethe purchased 2,000,000 shares of Tullow Oil at GBX 12 per share, indicating confidence in the company's future prospects.

Tullow Oil plc (LON:TLW - Get Free Report)'s share price was up 10.4% during trading 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 have issued reports on TLW. Shore Capital reaffirmed a "buy" rating on shares of Tullow Oil in a report on Friday, September 5th. Jefferies Financial Group reduced their target price on Tullow Oil from GBX 12 to GBX 6 and set an "underperform" rating for the company in a research note on Monday. Finally, Canaccord Genuity Group lowered their price target on Tullow Oil from GBX 16 to GBX 10 and set a "hold" rating for the company in a research report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of GBX 15.33.

Tullow Oil Trading Up 10.4%

The company's fifty day moving average is GBX 10.58 and its two-hundred day moving average is GBX 13.32. The company has a market cap 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 company has a debt-to-equity ratio of -1,776.31, a quick ratio of 0.63 and a current ratio of 0.70.

Insiders Place Their Bets

In related news, insider Roald Goethe acquired 2,000,000 shares of the stock in a transaction on Wednesday, August 6th. The shares were acquired at an average price of GBX 12 per share, for a total transaction of £240,000. Corporate 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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