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GMP Securities reiterated its “reduce” rating on the oil explorer, stating that the current dividend is “unsustainable”. The broker added: “Given the company’s expensive valuation on our estimates, a falling production profile and little exploration newsflow, we see material downside risk for this stock.”
Cantor Fitzgerald initiated coverage of the oil firm with a “sell” rating, citing a “challenging” 12 months for the oil and gas sector “and in particular for Tullow”. While it noted the group’s attempts to alleviate market pressures, it said an over-reliance on debt to fund risky ventures “could prove costly”.
WH Ireland reiterated its “buy” rating for the hire company, after the firm’s results beat expectations. The broker raised its forecast for the current year, and said the results are “all the more pleasing given the challenges faced in the oil and gas related business, Airpac Bukom”. Target price remains 800p.