Tullow Oil (LON:TLW) Shares Up 23.1% – Should You Buy?

Tullow Oil plc (LON:TLW)’s share price traded up 23.1% during mid-day trading on Wednesday . The company traded as high as GBX 4.90 and last traded at GBX 4.80. 38,513,406 shares changed hands during mid-day 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 Analysts Forecast Growth

Several brokerages recently issued reports on TLW. Canaccord Genuity Group reduced their price target on shares of Tullow Oil from GBX 16 to GBX 10 and set a “hold” rating on the stock in a research report on Thursday, August 7th. Shore Capital reaffirmed a “buy” rating on shares of Tullow Oil in a research note on Friday, September 5th. Panmure Gordon reduced their target price on shares of Tullow Oil from GBX 7.80 to GBX 5.40 and set a “sell” rating on the stock in a research report on Monday. Finally, Jefferies Financial Group lowered their price target on shares of Tullow Oil from GBX 12 to GBX 6 and set an “underperform” rating for the company in a report 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 MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of GBX 12.85.

Tullow Oil Price Performance

The business has a fifty day moving average of GBX 9.27 and a 200 day moving average of GBX 12.39. 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. The firm has a market cap of £70.76 million, a P/E ratio of -0.35, 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.