Tullow Oil (LON:TLW) Trading Down 19% After Analyst Downgrade

Key Points

• Tullow Oil's share price fell 19% after Canaccord Genuity Group downgraded their price target from GBX 16 to GBX 10, maintaining a hold rating.
• Insider Roald Goethe purchased 100,000 shares at GBX 17 per share, indicating continued confidence from company insiders who own 24.59% of Tullow's stock.
• The company's market cap stands at £212.01 million, with financial ratios reflecting a P/E ratio of 13.54 and a debt-to-equity ratio of -1,776.31.

Tullow Oil plc (LON:TLW - Get Free Report)'s share price was down 19% during mid-day trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from GBX 16 to GBX 10. Canaccord Genuity Group currently has a hold rating on the stock. Tullow Oil traded as low as GBX 11.20 ($0.15) and last traded at GBX 11.60 ($0.15). Approximately 32,951,082 shares changed hands during trading, an increase of 312% from the average daily volume of 7,989,093 shares. The stock had previously closed at GBX 14.32 ($0.19).

Several other brokerages also recently commented on TLW. Jefferies Financial Group restated an "underperform" rating and issued a GBX 12 ($0.16) target price on shares of Tullow Oil in a research note on Thursday. Shore Capital reiterated a "buy" rating on shares of Tullow Oil in a research report on Wednesday, July 30th.

Insider Activity

In other Tullow Oil news, insider Roald Goethe purchased 100,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was purchased at an average price of GBX 17 ($0.23) per share, for a total transaction of £17,000 ($22,709.06). Company insiders own 24.59% of the company's stock.

Tullow Oil Trading Down 1.2%

The stock has a market cap of £212.01 million, a P/E ratio of 13.54, 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. The stock has a 50-day moving average price of GBX 16.21 and a 200-day moving average price of GBX 15.73.

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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