Tullow Oil (LON:TLW) Trading 14.3% Higher - Here's What Happened

Tullow Oil plc (LON:TLW - Get Free Report) shares traded up 14.3% during mid-day trading on Wednesday . The company traded as high as GBX 15.91 ($0.21) and last traded at GBX 15.64 ($0.21). 11,230,354 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 9,404,102 shares. The stock had previously closed at GBX 13.68 ($0.18).

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Canaccord Genuity Group dropped their price objective on shares of Tullow Oil from GBX 35 ($0.47) to GBX 25 ($0.33) and set a "speculative buy" rating on the stock in a report on Thursday, February 20th. Shore Capital reissued a "buy" rating on shares of Tullow Oil in a report on Tuesday, May 6th.

Tullow Oil Stock Performance

The company has a market cap of £271.91 million, a PE ratio of 17.37, a P/E/G ratio of -0.19 and a beta of 2.08. The business's fifty day moving average is GBX 14.02 and its 200-day moving average is GBX 18.37. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of -1,776.31.

Insider Buying and Selling at Tullow Oil

In other news, insider Roald Goethe purchased 100,000 shares of the stock in a transaction on Wednesday, March 26th. The shares were acquired at an average price of GBX 17 ($0.23) per share, with a total value of £17,000 ($22,624.43). Insiders have bought 400,000 shares of company stock valued at $5,900,000 over the last 90 days. 24.59% of the stock is currently owned by corporate insiders.

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.

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