Tullow Oil (LON:TLW) Shares Up 23.1% – Time to Buy?

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

Analyst Ratings Changes

Several equities analysts recently commented on TLW shares. Canaccord Genuity Group dropped their target price on Tullow Oil from GBX 16 to GBX 10 and set a “hold” rating for the company in a report on Thursday, August 7th. Panmure Gordon dropped their price objective on Tullow Oil from GBX 7.80 to GBX 5.40 and set a “sell” rating for the company in a research note on Monday. Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a research note on Friday, September 5th. Finally, Jefferies Financial Group lowered their price target on shares of Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating for the company in a report on Monday, October 20th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Tullow Oil presently has an average rating of “Reduce” and an average price target of GBX 12.85.

Tullow Oil Stock Performance

The company has a debt-to-equity ratio of -1,776.31, a current ratio of 0.70 and a quick ratio of 0.63. 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 capitalization of £70.32 million, a PE ratio of -0.34, a PEG ratio of -0.19 and a beta of 2.08.

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.