Tullow Oil (LON:TLW) Trading 14.1% Higher – Here’s What Happened

Tullow Oil plc (LON:TLW)’s stock price was up 14.1% on Wednesday . The company traded as high as GBX 17.52 ($0.23) and last traded at GBX 17.20 ($0.22). Approximately 175,336,875 shares changed hands during trading, an increase of 1,210% from the average daily volume of 13,385,377 shares. The stock had previously closed at GBX 15.07 ($0.20).

Analysts Set New Price Targets

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, March 21st. Canaccord Genuity Group cut their price target on shares of Tullow Oil from GBX 35 ($0.45) to GBX 25 ($0.32) and set a “speculative buy” rating on the stock in a report on Thursday, February 20th.

Tullow Oil Stock Performance

The business has a fifty day moving average of GBX 17.05 and a 200-day moving average of GBX 20.82. The company has a market cap of £318.15 million, a PE ratio of 20.32, a P/E/G 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.

Insider Activity

In related news, insider Roald Goethe purchased 100,000 shares of Tullow Oil stock in a transaction that occurred on Wednesday, March 26th. The shares were bought at an average price of GBX 17 ($0.22) per share, for a total transaction of £17,000 ($22,003.62). Insiders own 24.59% of the company’s stock.

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.