Tullow Oil (LON:TLW) Shares Up 24.2% – Here’s Why

Shares of Tullow Oil plc (LON:TLW) were up 24.2% on Monday . The stock traded as high as GBX 6.10 and last traded at GBX 6. Approximately 26,866,404 shares changed hands during mid-day trading, an increase of 151% from the average daily volume of 10,695,014 shares. The stock had previously closed at GBX 4.83.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TLW. Canaccord Genuity Group decreased 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 report on Thursday, August 7th. Shore Capital restated a “buy” rating on shares of Tullow Oil in a report on Friday, September 5th. Jefferies Financial Group lowered their price objective on Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating for the company in a research report on Monday, October 20th. Finally, Panmure Gordon reduced their target price on Tullow Oil from GBX 7.80 to GBX 5.40 and set a “sell” rating on the stock in a research report on Monday, November 24th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of GBX 12.85.

Tullow Oil Trading Up 5.4%

The company has a market capitalization of £92.30 million, a PE ratio of -0.45, 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 quick ratio of 0.63 and a current ratio of 0.70. The business has a fifty day moving average price of GBX 8.99 and a 200 day moving average price of GBX 12.19.

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.