Canaccord Genuity Group Cuts Tourmaline Oil (TSE:TOU) Price Target to C$72.50

Tourmaline Oil (TSE:TOU) had its target price lowered by Canaccord Genuity Group from C$75.00 to C$72.50 in a research note released on Wednesday, BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also recently issued reports on TOU. TD Securities cut their price target on shares of Tourmaline Oil from C$75.00 to C$72.00 and set a buy rating for the company in a report on Thursday, March 7th. Jefferies Financial Group increased their target price on shares of Tourmaline Oil from C$70.00 to C$75.00 and gave the company a buy rating in a report on Friday, April 12th. National Bankshares dropped their target price on shares of Tourmaline Oil from C$80.00 to C$70.00 and set an outperform rating for the company in a report on Wednesday, January 10th. Raymond James dropped their target price on shares of Tourmaline Oil from C$90.00 to C$85.00 and set a strong-buy rating for the company in a report on Friday, January 19th. Finally, BMO Capital Markets dropped their target price on shares of Tourmaline Oil from C$78.00 to C$75.00 in a report on Thursday, March 28th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Buy and an average price target of C$77.38.

Tourmaline Oil Trading Up 1.6 %

TSE TOU opened at C$65.12 on Wednesday. The stock has a market capitalization of C$22.89 billion, a P/E ratio of 12.95, a P/E/G ratio of 1.72 and a beta of 1.40. Tourmaline Oil has a 52-week low of C$53.45 and a 52-week high of C$74.21. The firm has a 50-day moving average price of C$61.55 and a 200 day moving average price of C$63.14. The company has a quick ratio of 0.47, a current ratio of 0.81 and a debt-to-equity ratio of 8.04.

Tourmaline Oil (TSE:TOU) last posted its quarterly earnings results on Wednesday, March 6th. The company reported C$2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.41 by C$0.59. The firm had revenue of C$1.66 billion during the quarter, compared to analysts’ expectations of C$1.49 billion. Tourmaline Oil had a net margin of 35.87% and a return on equity of 12.53%. Equities research analysts expect that Tourmaline Oil will post 4.710507 EPS for the current year.

Tourmaline Oil Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.30 dividend. The ex-dividend date was Thursday, March 14th. This is a positive change from Tourmaline Oil’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a dividend yield of 1.84%. Tourmaline Oil’s dividend payout ratio is currently 23.86%.

Insider Activity

In other Tourmaline Oil news, Senior Officer Mike Rose purchased 5,000 shares of the stock in a transaction dated Monday, February 5th. The shares were acquired at an average cost of C$55.41 per share, for a total transaction of C$277,025.00. In other news, Senior Officer Mike Rose bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were purchased at an average price of C$55.41 per share, for a total transaction of C$277,025.00. Also, Director Jill Terilee Angevine bought 1,500 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were purchased at an average price of C$56.48 per share, for a total transaction of C$84,720.00. Insiders have acquired 15,180 shares of company stock worth $880,681 over the last ninety days. 5.19% of the stock is currently owned by insiders.

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.