Tullow Oil (LON:TLW) Trading Up 13.4% - Here's What Happened

Key Points

• Tullow Oil's shares surged by 13.4% during trading, reaching GBX 9.42 ($0.13), with over 10 million shares changing hands, indicating increased investor interest.
• Analysts have mixed opinions on Tullow Oil, with target prices being cut by Canaccord Genuity and Jefferies, while Shore Capital maintains a "buy" rating, reflecting a consensus rating of "Hold".
• Tullow Oil is focusing on responsible oil development in Africa, aiming to achieve Net Zero emissions by 2030 and enhance socio-economic benefits in its host countries.

Shares of Tullow Oil plc (LON:TLW - Get Free Report) were up 13.4% during trading on Wednesday . The company traded as high as GBX 9.42 ($0.13) and last traded at GBX 9.42 ($0.13). Approximately 10,147,278 shares traded hands during trading, an increase of 26% from the average daily volume of 8,068,380 shares. The stock had previously closed at GBX 8.30 ($0.11).

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Canaccord Genuity Group decreased their target price on Tullow Oil from GBX 16 to GBX 10 and set a "hold" rating for the company in a research report on Thursday, August 7th. Jefferies Financial Group decreased their target price on Tullow Oil from GBX 12 to GBX 6 and set an "underperform" rating for the company in a research report on Monday. Finally, Shore Capital reissued a "buy" rating on shares of Tullow Oil in a research report on Friday, September 5th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of GBX 15.33.

Tullow Oil Stock Up 10.4%

The firm has a market capitalization of £134.20 million, a PE ratio of -0.65, a PEG ratio of -0.19 and a beta of 2.08. The company has a fifty day moving average price of GBX 10.61 and a 200-day moving average price of GBX 13.35. 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 other news, insider Roald Goethe acquired 2,000,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were acquired at an average price of GBX 12 per share, for a total transaction of £240,000. 1.34% of the stock is owned by company insiders.

Tullow Oil Company Profile

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.

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