Tullow Oil (LON:TLW) Trading Down 7.6% Following 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) fell 7.6% 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 changed 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 ($0.13).

A number of other analysts have also issued reports on TLW. Canaccord Genuity Group decreased their price target on Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.14) and set a "hold" rating on the stock in a research note on Thursday, August 7th. Jefferies Financial Group reissued an "underperform" rating and issued a GBX 12 ($0.16) price target on shares of Tullow Oil in a research note on Thursday, August 7th.

Insider Transactions at Tullow Oil

In other news, insider Roald Goethe acquired 2,000,000 shares of Tullow Oil stock in a transaction dated Wednesday, August 6th. The shares were acquired at an average cost of GBX 12 ($0.16) per share, with a total value of £240,000 ($324,017.82). Insiders own 24.59% of the company's stock.

Tullow Oil Stock Up 10.9%

The firm has a market capitalization of £189.41 million, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of -1,776.31. The firm has a 50 day moving average price of GBX 15.80 and a two-hundred day moving average price of GBX 15.33.

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.