RE: Thinking about it last night17 Dec 2019 10:24
A dire couple of months for Tullow Oil has left the company's shares on track for their worst year since they joined the stock market in 1988.
The oil exploration company slid another 10.2 per cent, or 6.9p, to 60.9p yesterday a week after the company ousted its chief executive, slashed its future production forecasts and cancelled its dividend.
Analysts at HSBC cut their recommendation on the FTSE 250 stock from hold to reduce, prompting last week's 52 per cent slump to resume.
Investors had already been hit by a sell-off in November, after Tullow revealed problems with its Ghana drilling operations and the disappointing discovery of heavy crude oil, rather than the more desirable light crude, at its site in Guyana.