Tullow Oil (LON:TLW) Shares Up 23.1% – Here’s Why

Tullow Oil plc (LON:TLW)’s stock price rose 23.1% on Wednesday . The company traded as high as GBX 4.90 and last traded at GBX 4.80. Approximately 38,513,406 shares were traded during mid-day trading, an increase of 266% from the average daily volume of 10,528,255 shares. The stock had previously closed at GBX 3.90.

Analyst Upgrades and Downgrades

TLW has been the subject of several research reports. Canaccord Genuity Group reduced their price target on shares of 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 dropped their target price on shares of Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating on the stock in a research note on Monday, October 20th. Panmure Gordon decreased their price target on shares of Tullow Oil from GBX 7.80 to GBX 5.40 and set a “sell” rating for the company in a research note on Monday. Finally, Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a report on Friday, September 5th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Tullow Oil has a consensus rating of “Reduce” and a consensus target price of GBX 12.85.

Tullow Oil Price Performance

The stock has a market cap of £70.32 million, a P/E ratio of -0.34, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of -1,776.31. The business’s 50-day simple moving average is GBX 9.50 and its two-hundred day simple moving average is GBX 12.51.

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.