Tullow Oil (LON:TLW) Shares Up 23.1% – Time to Buy?

Tullow Oil plc (LON:TLW)’s share price shot up 23.1% during 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 Analyst Weigh In

TLW has been the subject of several analyst reports. Shore Capital reissued a “buy” rating on shares of Tullow Oil in a research report on Friday, September 5th. Panmure Gordon decreased their target price on shares of Tullow Oil from GBX 7.80 to GBX 5.40 and set a “sell” rating for the company in a research report on Monday. Canaccord Genuity Group lowered 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. Finally, Jefferies Financial Group reduced their price target 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 investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Tullow Oil presently has a consensus rating of “Reduce” and a consensus price target of GBX 12.85.

Tullow Oil Price Performance

The stock has a 50 day moving average of GBX 9.27 and a 200-day moving average of GBX 12.39. The company has a debt-to-equity ratio of -1,776.31, a quick ratio of 0.63 and a current ratio of 0.70. The company has a market cap of £70.76 million, a PE ratio of -0.35, a price-to-earnings-growth 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.