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

Tullow Oil plc (LON:TLW)’s stock price dropped 7.6% during trading 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). Approximately 18,525,377 shares were traded during mid-day trading, an increase of 125% from the average daily volume of 8,216,844 shares. The stock had previously closed at GBX 9.99 ($0.13).

A number of other equities analysts have also commented on the stock. Canaccord Genuity Group dropped their price target 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 research report on Thursday, August 7th. Jefferies Financial Group reissued an “underperform” rating and issued a GBX 12 ($0.16) price target on shares of Tullow Oil in a research report on Thursday, August 7th.

Insider Activity at Tullow Oil

In other news, insider Roald Goethe purchased 2,000,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were bought at an average price of GBX 12 ($0.16) per share, with a total value of £240,000 ($324,017.82). 24.59% of the stock is currently owned by corporate insiders.

Tullow Oil Price Performance

The stock’s 50-day moving average is GBX 15.80 and its 200-day moving average is GBX 15.33. The firm has a market cap of £189.41 million, a P/E ratio of 12.10, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08. The company has a quick ratio of 0.63, a current ratio of 0.70 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.