Tullow Oil (OTCMKTS:TUWOY) Cut to "Equal Weight" at Barclays

Galtero Lara
Marcha 13, 2018

Barclays' target price indicates a potential upside of 0.72% from the stock's current price. Numis Securities boosted their price objective on Tullow Oil from GBX 185 ($2.56) to GBX 215 ($2.97) and gave the company a "hold" rating in a research note on Monday, January 22nd. Tullow Oil presently has an average rating of Hold and an average target price of $1.75. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Macquarie reiterated an "underperform" rating on shares of Tullow Oil in a research report on Thursday, January 18th.

Shares of Tullow Oil (TLW) traded down GBX 6.15 ($0.08) during trading hours on Friday, hitting GBX 176.20 ($2.43). 7,967,673 shares of the stock were exchanged, compared to its average volume of 9,870,000. The firm has a market capitalization of $2,440.00 and a price-to-earnings ratio of -1,468.33.

In related news, insider Aidan Heavey sold 197,059 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of GBX 192 ($2.65), for a total value of £378,353.28 ($522,731.80).

The oil and gas explorer's net debt fell by over $1.3 billion past year to $3.5 billion with the help of $790 million raised through the sale of stock in a rights issue offering to shareholders last April.

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Tullow Oil said on Monday it plans to sell $650 million (€527m) of seven-year bonds to refinance the same amount of debt that is due to be repaid in 2020.

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The deal was helped by resolution in September of a maritime border dispute between Ghana and the Ivory Coast which enables Tullow to resume drilling new wells in its key TEN oil field, which went into production in August 2016. The West Africa Business focuses on its production and development projects in West Africa and Europe.

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