Tullow Oil (LON:TLW) Trading Down 21% – Here’s Why

Tullow Oil plc (LON:TLWGet Free Report)’s share price dropped 21% during trading on Thursday . The stock traded as low as GBX 16.14 ($0.22) and last traded at GBX 16.90 ($0.23). Approximately 24,900,646 shares were traded during trading, an increase of 179% from the average daily volume of 8,938,376 shares. The stock had previously closed at GBX 21.40 ($0.29).

Analyst Upgrades and Downgrades

TLW has been the topic of several research analyst reports. Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a research note on Wednesday, June 4th. Canaccord Genuity Group raised their price objective on Tullow Oil from GBX 14 ($0.19) to GBX 16 ($0.22) and gave the stock a “hold” rating in a research note on Thursday, May 29th.

Read Our Latest Stock Analysis on Tullow Oil

Tullow Oil Price Performance

The firm has a market cap of £334.80 million, a price-to-earnings ratio of 21.39, a P/E/G 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 company has a 50 day moving average of GBX 14.90 and a 200 day moving average of GBX 17.18.

Insider Buying and Selling

In other news, insider Roald Goethe bought 100,000 shares of the stock in a transaction on Wednesday, March 26th. The stock was purchased at an average price of GBX 17 ($0.23) per share, for a total transaction of £17,000 ($22,861.75). In the last quarter, insiders have acquired 400,000 shares of company stock valued at $5,900,000. 24.59% of the stock is owned by company insiders.

Tullow Oil Company Profile

(Get Free Report)

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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