Credit Suisse has cut the oil firm from “outperform” to “neutral” and has a new target price of £14.80. The broker sees a subdued end to the year for Tullow, with few opportunities on the horizon until the spring.
Peel Hunt has lowered its rating from “hold” to “buy” and has a target of 125p. While a recent fundraising gives the firm more credibility, the broker thinks Oxford’s value is in its potential in shale gas rather than its cash flows.
Liberum repeats its “buy” rating and 145p fair value. The broker thinks there is still a reason to buy despite the recent share price rise, and thinks a “significant” return of cash is likely at the full year results.