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

Tullow Oil plc (LON:TLW)’s stock price shot up 14.1% during mid-day 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 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

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

Tullow Oil Stock Performance

The stock has a fifty day simple moving average of GBX 17.05 and a 200-day simple moving average of GBX 20.82. The company has a market capitalization of £318.15 million, a P/E ratio of 20.32, a PEG ratio of -0.19 and a beta of 2.08. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of -1,776.31.

Insider Activity at Tullow Oil

In other news, insider Roald Goethe bought 100,000 shares of the stock in a transaction dated Wednesday, March 26th. The stock was bought at an average cost of GBX 17 ($0.22) per share, with a total value of £17,000 ($22,003.62). 24.59% of the stock is currently owned by company insiders.

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.