Tullow Oil (LON:TLW) Shares Up 17.2% – Here’s What Happened

Shares of Tullow Oil plc (LON:TLW) shot up 17.2% on Thursday . The stock traded as high as GBX 14.58 ($0.19) and last traded at GBX 14.06 ($0.18). 179,569,344 shares were traded during trading, an increase of 1,293% from the average session volume of 12,889,608 shares. The stock had previously closed at GBX 12 ($0.16).

Wall Street Analyst Weigh In

TLW has been the topic of several recent research reports. Shore Capital restated a “buy” rating on shares of Tullow Oil in a research report on Tuesday, April 1st. Canaccord Genuity Group cut their price objective on Tullow Oil from GBX 35 ($0.46) to GBX 25 ($0.33) and set a “speculative buy” rating on the stock in a research report on Thursday, February 20th.

Tullow Oil Stock Performance

The company has a 50-day simple moving average of GBX 15.48 and a two-hundred day simple moving average of GBX 20.05. 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 firm has a market capitalization of £242.31 million, a P/E ratio of 15.48, a PEG ratio of -0.19 and a beta of 2.08.

Insider Activity at Tullow Oil

In other Tullow Oil news, insider Roald Goethe bought 150,000 shares of the firm’s stock in a transaction on Friday, April 4th. The stock was acquired at an average price of GBX 14 ($0.18) per share, with a total value of £21,000 ($27,486.91). 24.59% of the stock is currently owned by corporate 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.