Tullow Oil (LON:TLW) Shares Up 11% – Here’s What Happened

Shares of Tullow Oil plc (LON:TLW) shot up 11% during mid-day trading on Wednesday. The company traded as high as GBX 9.78 and last traded at GBX 9.50. Approximately 18,485,117 shares changed hands during trading, a decline of 7% from the average session volume of 19,830,119 shares. The stock had previously closed at GBX 8.56.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Canaccord Genuity Group boosted their price target on Tullow Oil from GBX 14 to GBX 15 and gave the stock a “hold” rating in a research note on Friday, August 14th. Jefferies Financial Group reaffirmed a “hold” rating and issued a GBX 10 price objective on shares of Tullow Oil in a research note on Wednesday, October 28th. Finally, Peel Hunt reaffirmed a “buy” rating and set a GBX 24 price objective on shares of Tullow Oil in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of GBX 13.60.

Tullow Oil Stock Down 0.2%

The stock has a market cap of £139.99 million, a price-to-earnings ratio of -4.20, a P/E/G ratio of -0.19 and a beta of 0.55. The company has a current ratio of 0.97, a quick ratio of 0.63 and a debt-to-equity ratio of -543.66. The firm’s 50 day moving average is GBX 14.56 and its two-hundred day moving average is GBX 13.79.

Tullow Oil Company Profile

Tullow is an independent energy company committed to building a better future through the responsible oil and gas development of its core producing assets in Ghana. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.