Tullow Oil (LON:TLW) Shares Down 7.6% After Analyst Downgrade

Key Points

• Tullow Oil shares fell 7.6% after Shore Capital downgraded their price target from GBX 45 to GBX 30, while still maintaining a buy rating.
• Insider Roald Goethe purchased 2 million shares at an average price of GBX 12, totaling £240,000, indicating confidence in the company's future.
• Other analysts, including Jefferies and Canaccord Genuity, have set low price targets of GBX 12 and GBX 10 for Tullow Oil, suggesting a cautious outlook on the stock.

Tullow Oil plc (LON:TLW - Get Free Report)'s stock price traded down 7.6% during trading on Monday after Shore Capital lowered their price target on the stock from GBX 45 to GBX 30. Shore Capital currently has a buy rating on the stock. Tullow Oil traded as low as GBX 9.23 ($0.12) and last traded at GBX 9.23 ($0.12). 18,525,377 shares traded hands during trading, an increase of 125% from the average session volume of 8,216,844 shares. The stock had previously closed at GBX 9.99 ($0.14).

TLW has been the subject of several other reports. Canaccord Genuity Group lowered their price objective on shares of Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.14) and set a "hold" rating for the company in a research note on Thursday, August 7th. Jefferies Financial Group reiterated an "underperform" rating and set a GBX 12 ($0.16) price objective on shares of Tullow Oil in a research note on Thursday, August 7th.

Insider Transactions at Tullow Oil

In other Tullow Oil news, insider Roald Goethe bought 2,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of GBX 12 ($0.16) per share, for a total transaction of £240,000 ($324,719.25). 24.59% of the stock is owned by corporate insiders.

Tullow Oil Stock Performance

The company has a market cap of £205.91 million, a PE ratio of 13.15, a PEG 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 firm's 50 day moving average is GBX 15.61 and its 200-day moving average is GBX 15.23.

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.