Tullow Oil (LON:TLW) Stock Price Up 17.2% - Here's Why

Tullow Oil plc (LON:TLW - Get Free Report)'s share price traded up 17.2% during mid-day trading on Thursday . The stock traded as high as GBX 14.58 ($0.19) and last traded at GBX 14.06 ($0.19). 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).

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TLW. Shore Capital restated a "buy" rating on shares of Tullow Oil in a research report on Tuesday, April 1st. Canaccord Genuity Group reduced their target price 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 Down 2.7 %

The firm has a 50-day simple moving average of GBX 15.27 and a 200 day simple moving average of GBX 19.90. The company has a debt-to-equity ratio of -1,776.31, a current ratio of 0.70 and a quick ratio of 0.63. The company has a market capitalization of £249.43 million, a PE ratio of 15.93, a price-to-earnings-growth ratio of -0.19 and a beta of 2.08.

Insider Activity at Tullow Oil

In other news, insider Roald Goethe purchased 100,000 shares of the company's stock in a transaction that occurred on Wednesday, March 26th. The shares were purchased at an average price of GBX 17 ($0.22) per share, with a total value of £17,000 ($22,498.68). Company 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.