Tullow Oil (LON:TLW) Shares Down 8.5% - Time to Sell?

Tullow Oil plc (LON:TLW - Get Free Report) shares fell 8.5% on Wednesday . The stock traded as low as GBX 19.34 ($0.26) and last traded at GBX 19.57 ($0.26). 81,845,609 shares traded hands during mid-day trading, an increase of 768% from the average session volume of 9,429,281 shares. The stock had previously closed at GBX 21.40 ($0.29).

Analysts Set New Price Targets

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

Tullow Oil Trading Down 1.4%

The company's fifty day simple moving average is GBX 14.90 and its two-hundred day simple moving average is GBX 17.14. 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 company has a market capitalization of £334.80 million, a price-to-earnings ratio of 21.39, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08.

Insiders Place Their Bets

In related news, insider Roald Goethe acquired 150,000 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The shares were acquired at an average cost of GBX 14 ($0.19) per share, for a total transaction of £21,000 ($28,240.99). Over the last three months, insiders have bought 400,000 shares of company stock worth $5,900,000. Company 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.