Tullow Oil (LON:TLW) Trading 10.6% Higher – Time to Buy?

Shares of Tullow Oil plc (LON:TLW) were up 10.6% during mid-day trading on Wednesday . The company traded as high as GBX 14.13 and last traded at GBX 13.80. Approximately 36,671,559 shares were traded during mid-day trading, an increase of 89% from the average session volume of 19,394,027 shares. The stock had previously closed at GBX 12.48.

Wall Street Analysts Forecast Growth

TLW has been the subject of a number of analyst reports. Canaccord Genuity Group boosted their price objective on Tullow Oil from GBX 13 to GBX 14 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. Shore Capital Group reiterated a “hold” rating on shares of Tullow Oil in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of GBX 13.85.

Tullow Oil Stock Performance

The firm has a 50 day moving average of GBX 14.56 and a two-hundred day moving average of GBX 11.43. The stock has a market cap of £209.07 million, a PE ratio of 34.50, a PEG ratio of -0.19 and a beta of 0.47. The company has a debt-to-equity ratio of -892.65, a current ratio of 0.52 and a quick ratio of 0.63.

Insider Activity at Tullow Oil

In related news, insider Garrett Soden purchased 426,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average cost of GBX 15 per share, for a total transaction of £63,900. Also, insider Richard Miller purchased 115,000 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were bought at an average price of GBX 17 per share, for a total transaction of £19,550. 3.00% of the stock is currently owned by 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. Tullow’s operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW).

For further information, please refer to: www.tullowoil.com.