Tullow Oil (LON:TLW) Trading 24.2% Higher – Time to Buy?

Tullow Oil plc (LON:TLW)’s share price shot up 24.2% during mid-day trading on Monday . The company traded as high as GBX 6.10 and last traded at GBX 6. 26,866,404 shares changed hands during trading, an increase of 151% from the average session volume of 10,695,014 shares. The stock had previously closed at GBX 4.83.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TLW. Canaccord Genuity Group cut their target price on shares of 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 lowered their price target on shares of Tullow Oil from GBX 7.80 to GBX 5.40 and set a “sell” rating on the stock in a report on Monday, November 24th. Shore Capital restated a “buy” rating on shares of Tullow Oil in a report on Friday, September 5th. Finally, Jefferies Financial Group decreased their target price on Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating on the stock in a research report on Monday, October 20th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Tullow Oil has a consensus rating of “Reduce” and an average price target of GBX 12.85.

Tullow Oil Trading Up 24.2%

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’s 50-day moving average price is GBX 9.18 and its two-hundred day moving average price is GBX 12.29. The company has a market capitalization of £87.90 million, a price-to-earnings ratio of -0.43, a P/E/G 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.