Tourmaline Oil (TSE:TOU) Upgraded to “Strong-Buy” at Scotiabank

Scotiabank upgraded shares of Tourmaline Oil (TSE:TOU) to a strong-buy rating in a research report sent to investors on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. ATB Cormark Capital Markets decreased their price target on Tourmaline Oil from C$74.00 to C$73.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. Jefferies Financial Group reduced their price objective on shares of Tourmaline Oil from C$72.00 to C$70.00 in a research note on Tuesday, January 20th. Desjardins raised their target price on shares of Tourmaline Oil from C$70.00 to C$74.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Canadian Imperial Bank of Commerce cut their price target on shares of Tourmaline Oil from C$71.00 to C$66.00 in a report on Tuesday, January 13th. Finally, Royal Bank Of Canada reduced their price target on shares of Tourmaline Oil from C$76.00 to C$72.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of C$71.22.

Tourmaline Oil Price Performance

TSE TOU opened at C$63.80 on Wednesday. Tourmaline Oil has a 1 year low of C$55.40 and a 1 year high of C$70.73. The business’s fifty day moving average is C$64.22 and its two-hundred day moving average is C$62.34. The stock has a market capitalization of C$24.70 billion, a P/E ratio of 93.82, a P/E/G ratio of 1.72 and a beta of 0.00. The company has a debt-to-equity ratio of 12.25, a quick ratio of 0.47 and a current ratio of 0.83.

Tourmaline Oil (TSE:TOU) last released its quarterly earnings data on Wednesday, March 4th. The company reported C($1.72) earnings per share for the quarter. The company had revenue of C$1.66 billion for the quarter. Tourmaline Oil had a return on equity of 1.65% and a net margin of 5.03%. On average, research analysts forecast that Tourmaline Oil will post 5.6809091 earnings per share for the current fiscal year.

Tourmaline Oil Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, March 16th. Tourmaline Oil’s payout ratio is 294.12%.

Insider Buying and Selling at Tourmaline Oil

In related news, insider Mike Rose purchased 10,000 shares of Tourmaline Oil stock in a transaction dated Monday, February 2nd. The stock was acquired at an average cost of C$62.21 per share, with a total value of C$622,100.00. Following the completion of the transaction, the insider directly owned 8,042,678 shares of the company’s stock, valued at C$500,334,998.38. This trade represents a 0.12% increase in their ownership of the stock. In the last 90 days, insiders bought 15,000 shares of company stock valued at $940,150. 5.13% of the stock is owned by corporate insiders.

Tourmaline Oil Company Profile

Tourmaline is Canada’s largest and most active natural gas producer dedicated to producing the lowest-development-cost natural gas in North America. We are an investment grade exploration and production company providing strong and predictable operating and financial performance through the development of our three core areas in the Western Canadian Sedimentary Basin. With our existing large reserve base, decades-long drilling inventory, relentless focus on execution, cost management, safety and environmental performance improvement, we are excited to provide shareholders an excellent return on capital and an attractive source of income through our base dividend and surplus free cash flow distribution strategies.