Tullow Oil (LON:TLW) Shares Up 14.1% After Insider Buying Activity

Shares of Tullow Oil plc (LON:TLW) traded up 14.1% during mid-day trading on Thursday after an insider bought additional shares in the company. The company traded as high as GBX 17.52 ($0.23) and last traded at GBX 17.20 ($0.22). 175,336,875 shares changed hands 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).

Specifically, insider Roald Goethe bought 100,000 shares of the firm’s stock in a transaction on Wednesday, March 26th. The stock was acquired at an average price of GBX 17 ($0.22) per share, with a total value of £17,000 ($22,003.62).

Wall Street Analysts Forecast Growth

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

Tullow Oil Trading Up 3.4 %

The stock has a market cap of £318.15 million, a PE 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. The stock’s fifty day moving average price is GBX 16.93 and its 200 day moving average price is GBX 20.80.

Tullow Oil Company Profile

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.