Tullow Oil (LON:TLW) Trading Up 10.4% - Still a Buy?

Key Points

• Shares of Tullow Oil surged by 10.4% on Wednesday, reaching a high of GBX 9.49 ($0.13) before closing at GBX 9.16 ($0.12) with increased trading volume.
• Analysts have mixed ratings for Tullow Oil, with one brokerage downgrading the target price from GBX 16 to GBX 10 and setting a "hold" rating, while another maintains a "buy" rating.
• Insider activity included the purchase of 2,000,000 shares by Roald Goethe at an average price of GBX 12, indicating confidence in the company from its management.

Shares of Tullow Oil plc (LON:TLW - Get Free Report) shot up 10.4% on Wednesday . The stock traded as high as GBX 9.49 ($0.13) and last traded at GBX 9.16 ($0.12). 10,988,710 shares traded hands during trading, an increase of 36% from the average session volume of 8,073,210 shares. The stock had previously closed at GBX 8.30 ($0.11).

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TLW. Canaccord Genuity Group cut their target price on shares of Tullow Oil from GBX 16 to GBX 10 and set a "hold" rating on the stock in a research note on Thursday, August 7th. Shore Capital restated a "buy" rating on shares of Tullow Oil in a research note on Friday, September 5th. Finally, Jefferies Financial Group decreased their price objective on shares of Tullow Oil from GBX 12 to GBX 6 and set an "underperform" rating for the company in a report on Monday. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of GBX 15.33.

Tullow Oil Stock Up 10.4%

The firm has a market cap of £134.20 million, a PE ratio of -0.65, a P/E/G ratio of -0.19 and a beta of 2.08. The company has a debt-to-equity ratio of -1,776.31, a current ratio of 0.70 and a quick ratio of 0.63. The business has a fifty day moving average price of GBX 10.61 and a two-hundred day moving average price of GBX 13.35.

Insider Buying and Selling at Tullow Oil

In related news, insider Roald Goethe purchased 2,000,000 shares of Tullow Oil stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average cost of GBX 12 per share, with a total value of £240,000. 1.34% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.