Tullow Oil (LON:TLW) Trading Down 32.1% – Here’s What Happened

Shares of Tullow Oil plc (LON:TLW) dropped 32.1% during trading on Friday . The company traded as low as GBX 5.22 and last traded at GBX 5.79. Approximately 495,658,688 shares changed hands during mid-day trading, an increase of 4,850% from the average daily volume of 10,012,591 shares. The stock had previously closed at GBX 8.53.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TLW shares. Canaccord Genuity Group lowered their price objective on shares of Tullow Oil from GBX 16 to GBX 10 and set a “hold” rating on the stock in a research report on Thursday, August 7th. Jefferies Financial Group decreased their target price on shares of Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating for the company in a research note on Monday, October 20th. Finally, Shore Capital reissued 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 one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of GBX 15.33.

Tullow Oil Price Performance

The firm has a 50 day moving average price of GBX 9.87 and a 200 day moving average price of GBX 12.70. The stock has a market capitalization of £84.88 million, a PE ratio of -0.41, 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.

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.