Tullow Oil (LON:TLW) Shares Down 7.6% on Analyst Downgrade

Shares of Tullow Oil plc (LON:TLW) traded down 7.6% on Monday after Shore Capital lowered their price target on the stock from GBX 45 to GBX 30. Shore Capital currently has a buy rating on the stock. Tullow Oil traded as low as GBX 9.23 ($0.12) and last traded at GBX 9.23 ($0.12). 18,525,377 shares changed hands during mid-day trading, an increase of 125% from the average session volume of 8,216,844 shares. The stock had previously closed at GBX 9.99 ($0.13).

Several other analysts have also recently issued reports on the stock. Jefferies Financial Group reaffirmed an “underperform” rating and issued a GBX 12 ($0.16) price target on shares of Tullow Oil in a report on Thursday, August 7th. Canaccord Genuity Group dropped their target price on shares of Tullow Oil from GBX 16 ($0.22) to GBX 10 ($0.14) and set a “hold” rating on the stock in a report on Thursday, August 7th.

Insider Buying and Selling at Tullow Oil

In other news, insider Roald Goethe acquired 2,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average price of GBX 12 ($0.16) per share, with a total value of £240,000 ($324,017.82). Company insiders own 24.59% of the company’s stock.

Tullow Oil Stock Performance

The stock has a market cap of £189.41 million, a price-to-earnings ratio of 12.10, a PEG 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 company’s 50 day simple moving average is GBX 15.80 and its 200 day simple moving average is GBX 15.33.

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.