Tomorrow’s The Times Newspaper Market Report - sorry correct post4 Feb 2022 20:50
Shell may be in the headlines with its plans for billion-dollar buybacks but it was Tullow Oil that caught investors’ eyes today. Shares in the African-focused oil and gas company rose after bullish analysts at Barclays upgraded their recommendation on the stock to “overweight”.
They believe that Tullow will be able to rebuild investor confidence over the next year if management hit their 2022 oil production guidance.
“Success reviving the Jubilee field in Ghana during 2021 has given management the confidence to begin making longer-term investments that should add reserves and enhance the value of its core assets in the medium term,” James Hosie, an oil and gas analyst at the bank, said. The shares closed up 3¾p, or 7.5 per cent, at 53½p, valuing the company at £709.5 million.
Tullow Oil, with its sector peers, was among the few companies that dazzled on an otherwise lacklustre day. Stand-out winners included Shell and BP, which provided the biggest boost to London’s leading share index as the price of the black stuff surged.