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

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Jefferies Financial Group cut their price target on Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating on the stock in a research report on Monday, October 20th. Shore Capital restated a “buy” rating on shares of Tullow Oil in a research note on Friday, September 5th. Canaccord Genuity Group reduced their price target on Tullow Oil from GBX 16 to GBX 10 and set a “hold” rating for the company in a research report on Thursday, August 7th. Finally, Panmure Gordon lowered their price objective 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. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of GBX 12.85.

Tullow Oil Stock Up 23.1%

The business has a 50-day moving average price of GBX 9.62 and a 200-day moving average price of GBX 12.56. The stock has a market cap of £70.32 million, a PE ratio of -0.34, a price-to-earnings-growth 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.

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.