Tullow Oil (LON:TLW) Trading Up 14.1% – Here’s Why

Tullow Oil plc (LON:TLW) shares shot up 14.1% during trading on Wednesday . The stock traded as high as GBX 17.52 ($0.23) and last traded at GBX 17.20 ($0.22). 175,336,875 shares were traded during mid-day trading, an increase of 1,210% from the average session volume of 13,385,377 shares. The stock had previously closed at GBX 15.07 ($0.20).

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TLW shares. Canaccord Genuity Group cut their target price on shares of Tullow Oil from GBX 35 ($0.45) to GBX 25 ($0.32) and set a “speculative buy” rating for the company in a research report on Thursday, February 20th. Shore Capital reissued a “buy” rating on shares of Tullow Oil in a research report on Friday, March 21st.

Tullow Oil Stock Performance

The firm has a market cap of £318.15 million, a price-to-earnings ratio of 20.32, a P/E/G ratio of -0.19 and a beta of 2.08. The firm’s 50 day moving average price is GBX 17.05 and its 200-day moving average price is GBX 20.82. 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.

Insiders Place Their Bets

In other news, insider Roald Goethe bought 100,000 shares of the stock in a transaction dated Wednesday, March 26th. The shares were acquired at an average price of GBX 17 ($0.22) per share, with a total value of £17,000 ($22,003.62). Company insiders own 24.59% of the company’s stock.

Tullow Oil Company Profile

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.