Tullow Oil (LON:TLW) Stock Price Up 23.1% – Here’s Why

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Shore Capital restated a “buy” rating on shares of Tullow Oil in a report on Friday, September 5th. Canaccord Genuity Group dropped their price target on 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 decreased their price objective on shares of Tullow Oil from GBX 7.80 to GBX 5.40 and set a “sell” rating for the company in a report on Monday. Finally, Jefferies Financial Group cut their target price on shares of Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating on the stock in a research note on Monday, October 20th. One 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 data from MarketBeat, Tullow Oil presently has an average rating of “Reduce” and an average target price of GBX 12.85.

Tullow Oil Stock Performance

The company has a market capitalization of £70.32 million, a PE ratio of -0.34, 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. The business’s fifty day moving average is GBX 9.62 and its two-hundred day moving average is GBX 12.56.

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.