Tullow Oil (TLW)

Sector:

Energy Producers

Index:

FTSE 250

44.87p
   
  • Change Today:
    -0.46p
  • 52 Week High: 64.94
  • 52 Week Low: 14.30
  • Currency: UK Pounds
  • Shares Issued: 1,429.96m
  • Volume: 41,545,419
  • Market Cap: £641.62m
  • RiskGrade: 365

Jefferies upgrades Tullow Oil to 'hold', restarts coverage of Cairn Energy

By Iain Gilbert

Date: Friday 16 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Jefferies upgraded oil and gas exploration company Tullow Oil from 'underperform' to 'hold' on Friday following the group's successful debt refinancing.
Jefferies stated that Tullow's debt refinancing following the placing of its $1.8bn, 10.25% senior secured note due 2026 was done "without the equity dilution risk" it feared.

The broker noted that annual interest costs remained roughly $250.0m per year and added that evidence of production support from the first newly drilled production wells at the Jubilee field, due in the third quarter, would be "crucial".

Jefferies also upped its target price on the stock from 38.0p to 50.0p, citing "a supportive oil price" and adjustments for recent asset sales.

However, Jefferies also noted that Tullow had the highest cash breakeven in its coverage of over $50 per barrel of oil which, while covered currently, remained a concern for the analysts.

Jefferies also restarted coverage on Cairn Energy with a 'hold' rating and 145.0p target price following the disposal of UK North Sea production assets and the acquisition of onshore Egyptian production assets from Shell.

The analysts stated that recent transactions meant that Cairn's production will be more than 60% gas from 2022 onwards, underpinned with fixed gas sales prices and that will result in lower volatility to commodity price changes.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tullow Oil Market Data

Currency UK Pounds
Share Price 44.87p
Change Today -0.46p
% Change -1.01 %
52 Week High 64.94
52 Week Low 14.30
Volume 41,545,419
Shares Issued 1,429.96m
Market Cap £641.62m
RiskGrade 365

Tullow Oil Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
14.23% above the market average14.23% above the market average14.23% above the market average14.23% above the market average14.23% above the market average
87.5% below the sector average87.5% below the sector average87.5% below the sector average87.5% below the sector average87.5% below the sector average
Price Trend
32.42% below the market average32.42% below the market average32.42% below the market average32.42% below the market average32.42% below the market average
22.58% below the sector average22.58% below the sector average22.58% below the sector average22.58% below the sector average22.58% below the sector average
Income Not Available
Growth
31.86% below the market average31.86% below the market average31.86% below the market average31.86% below the market average31.86% below the market average
24.53% below the sector average24.53% below the sector average24.53% below the sector average24.53% below the sector average24.53% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 8
Sell 1
Strong Sell 4
Total 15
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Tullow Oil Dividends

  Latest Previous
  Interim Final
Ex-Div 29-Aug-19 04-Apr-19
Paid 04-Oct-19 10-May-19
Amount 2.35¢ 4.80¢

Trades for 17-Sep-2021

Time Volume / Share Price
17:05 46,000 @ 44.87p
16:35 33,851,259 @ 44.87p
16:29 742 @ 45.00p
16:29 697 @ 45.00p
16:29 266 @ 44.91p

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