Tullow Oil hits new 12-month high ahead of full-year earnings

Having survived a tough year, can Tullow lay out a path to future profitability in its full-year results?

When does Tullow Oil report earnings?

Tullow reports earnings on 10 March, covering its full year.

Tullow Oil earnings – what does the City expect?

Tullow is expected to see a 21% fall in revenues to $1.3 billion, while suffering a pre-tax loss of $861 million, compared to last year’s $434 million profit.

The bounce in the oil price will have come as a huge relief for Tullow, but the group is not out of the woods yet. High levels of debt mean it will be constrained in its ability to take advantage of higher oil prices, but at least its cashflow is more secure. OPEC’s decision to leave output unchanged has provided a further boost for oil, and will help Tullow to weather the next few months.

How to trade Tullow earnings

Tullow’s stock is covered by 16 analysts, of which two have ‘buy’ recommendations, with six ‘holds’ and eight ‘sells’.

Tullow Oil share price – technical analysis

Tullow shares have been on a tear since the beginning of February, emboldened by the rising oil price. The price is back to levels not seen since February 2020, but shows no sign of slowing down. So far the price has continued to climb, going without a down day since the middle of February. However, it is beginning to look overextended from trendline support and from the 50-day simple moving average (SMA), having more than doubled since the beginning of February.

Tullow pins its hopes on continued oil price rise

Having survived 2020, Tullow will be guardedly optimistic about the future. But there is still much work to be done. The shares have rallied from the lows of last year, and have been powered higher by the rally in the oil price, but if that begins to fade the shares may find the going much harder in the rest of 2021.

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