Cormark Upgrades Tourmaline Oil (TSE:TOU) to Hold

Cormark upgraded shares of Tourmaline Oil (TSE:TOU) to a hold rating in a research note released on Monday morning, Zacks.com reports.

Several other research analysts have also recently commented on the company. UBS Group raised Tourmaline Oil to a hold rating in a research report on Thursday, June 20th. Desjardins increased their price objective on Tourmaline Oil from C$72.00 to C$75.00 and gave the company a buy rating in a report on Tuesday, August 13th. National Bankshares set a C$72.50 target price on shares of Tourmaline Oil and gave the company a buy rating in a research note on Tuesday. Scotiabank lifted their price objective on shares of Tourmaline Oil from C$90.00 to C$93.00 and gave the company an outperform rating in a research report on Tuesday, August 13th. Finally, Canaccord Genuity Group raised their target price on shares of Tourmaline Oil from C$73.50 to C$75.00 and gave the company a buy rating in a research note on Tuesday, August 13th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Tourmaline Oil currently has an average rating of Moderate Buy and a consensus target price of C$78.38.

Tourmaline Oil Stock Performance

Shares of TOU stock opened at C$59.75 on Monday. Tourmaline Oil has a 12 month low of C$53.45 and a 12 month high of C$74.21. The company’s fifty day simple moving average is C$60.12 and its 200-day simple moving average is C$62.85. The firm has a market cap of C$21.06 billion, a PE ratio of 14.16, a P/E/G ratio of 1.72 and a beta of 1.31. The company has a quick ratio of 0.47, a current ratio of 1.11 and a debt-to-equity ratio of 10.24.

Tourmaline Oil (TSE:TOU) last issued its quarterly earnings results on Wednesday, July 31st. The company reported C$0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of C$1.09 by C($0.37). Tourmaline Oil had a net margin of 30.75% and a return on equity of 10.86%. The business had revenue of C$1.31 billion during the quarter, compared to analyst estimates of C$1.37 billion. Equities research analysts expect that Tourmaline Oil will post 6.5144766 EPS for the current fiscal year.

Tourmaline Oil Cuts Dividend

The company also recently disclosed a None dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.50 per share. This represents a dividend yield of 2.26%. The ex-dividend date is Friday, September 13th. Tourmaline Oil’s dividend payout ratio is presently 33.18%.

Insider Transactions at Tourmaline Oil

In other news, Senior Officer Mike Rose bought 5,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average price of C$57.07 per share, with a total value of C$285,369.00. In other Tourmaline Oil news, Senior Officer Mike Rose purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average cost of C$57.07 per share, for a total transaction of C$285,369.00. Also, Director Jill Terilee Angevine purchased 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was bought at an average price of C$63.17 per share, with a total value of C$189,510.00. Over the last quarter, insiders have bought 31,800 shares of company stock worth $1,915,381. Company insiders own 5.41% of the company’s stock.

About Tourmaline Oil

Tourmaline Oil Corp. explores for and develops oil and natural gas properties in the Western Canadian Sedimentary Basin. The company holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex. Tourmaline Oil Corp.