Tullow Oil (LON:TLW) Stock Price Down 21% - Here's What Happened

Tullow Oil plc (LON:TLW - Get Free Report)'s stock price traded down 21% on Wednesday . The company traded as low as GBX 16.14 ($0.22) and last traded at GBX 16.90 ($0.23). 24,900,646 shares changed hands during mid-day trading, an increase of 179% from the average session volume of 8,938,376 shares. The stock had previously closed at GBX 21.40 ($0.29).

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group lifted their price objective on shares of Tullow Oil from GBX 14 ($0.19) to GBX 16 ($0.22) and gave the company a "hold" rating in a research report on Thursday, May 29th. Shore Capital reiterated a "buy" rating on shares of Tullow Oil in a research report on Wednesday, June 4th.

Tullow Oil Stock Down 1.4%

The company has a market capitalization of £334.80 million, a PE ratio of 21.39, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. The firm's 50-day simple moving average is GBX 14.90 and its 200 day simple moving average is GBX 17.18. 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 bought 100,000 shares of the firm's stock in a transaction on Wednesday, March 26th. The shares were bought at an average cost of GBX 17 ($0.23) per share, for a total transaction of £17,000 ($22,861.75). In the last ninety days, insiders have purchased 400,000 shares of company stock worth $5,900,000. Corporate insiders own 24.59% 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.