Tullow Oil (LON:TLW) Trading 23.1% Higher – Time to Buy?

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

Wall Street Analysts Forecast Growth

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

Tullow Oil Stock Up 23.1%

The company has a market cap of £70.32 million, a price-to-earnings ratio of -0.34, a price-to-earnings-growth 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 stock’s fifty day moving average is GBX 9.50 and its two-hundred day 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.