Tullow Oil: shares down after broker cuts target price.
(CercleFinance.com) - Shares in Tullow Oil are down on Friday after a broker reduced its target price for the British oil explorer.
RBC Capital Markets lowered its target price on the London-based company from 275 pence to 200 pence, citing the market's deteriorating sentiment towards the sector.
As lower oil price forecasts are weighing on target prices, the broker says, a surprise rebound in the price of oil would be needed to consider an upgrade, it adds.
RBC maintains its "sector perform" rating on the stock.
The shares are currently down 1.2% at 145 pence, while the pan-European STOXX Europe 600 Optimised Oil & Gas index has slipped by just 0.2%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
RBC Capital Markets lowered its target price on the London-based company from 275 pence to 200 pence, citing the market's deteriorating sentiment towards the sector.
As lower oil price forecasts are weighing on target prices, the broker says, a surprise rebound in the price of oil would be needed to consider an upgrade, it adds.
RBC maintains its "sector perform" rating on the stock.
The shares are currently down 1.2% at 145 pence, while the pan-European STOXX Europe 600 Optimised Oil & Gas index has slipped by just 0.2%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.