Tullow Oil (LON:TLW) Shares Down 19% - What's Next?

Key Points

• Tullow Oil's share price fell 19% to GBX 11.60 ($0.15), marking a significant drop accompanied by a surge in trading volume of 32,951,082 shares, which is 312% more than the average.
• Analysts have mixed opinions on Tullow Oil, with Canaccord Genuity raising their price target to GBX 16 ($0.21) but maintaining a "hold" rating, while Shore Capital reaffirmed a "buy" rating.
• Insider Roald Goethe made a significant purchase of 100,000 shares at GBX 17 ($0.23), indicating insider confidence in the company's potential despite recent stock declines.

Tullow Oil plc (LON:TLW - Get Free Report)'s share price fell 19% on Wednesday . The stock traded as low as GBX 11.20 ($0.15) and last traded at GBX 11.60 ($0.16). 32,951,082 shares changed hands during mid-day trading, an increase of 312% from the average session volume of 7,989,093 shares. The stock had previously closed at GBX 14.32 ($0.19).

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TLW. Canaccord Genuity Group cut their price objective on Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.13) and set a "hold" rating for the company in a report on Thursday. Jefferies Financial Group reaffirmed an "underperform" rating and set a GBX 12 ($0.16) target price on shares of Tullow Oil in a research report on Thursday. Finally, Shore Capital cut their target price on Tullow Oil from GBX 45 ($0.61) to GBX 30 ($0.40) and set a "buy" rating on the stock in a research report on Friday.

Tullow Oil Stock Down 10.6%

The stock has a market capitalization of £184.79 million, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. 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. The firm has a 50-day moving average of GBX 16.01 and a two-hundred day moving average of GBX 15.45.

Insiders Place Their Bets

In other Tullow Oil news, insider Roald Goethe purchased 2,000,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were purchased at an average cost of GBX 12 ($0.16) per share, with a total value of £240,000 ($322,667.38). Insiders own 24.59% of the company's stock.

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.