Tourmaline Oil Corp. (TSE:TOU) Increases Dividend to $0.32 Per Share

Tourmaline Oil Corp. (TSE:TOU) declared a quarterly dividend on Wednesday, May 8th, TickerTech reports. Stockholders of record on Thursday, May 16th will be paid a dividend of 0.32 per share on Thursday, May 16th. This represents a $1.28 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Wednesday, May 8th. This is an increase from Tourmaline Oil’s previous quarterly dividend of $0.30.

Tourmaline Oil Stock Performance

Shares of TOU stock opened at C$64.78 on Monday. The company has a market capitalization of C$22.78 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.72 and a beta of 1.41. The company has a debt-to-equity ratio of 9.61, a quick ratio of 0.47 and a current ratio of 0.89. Tourmaline Oil has a one year low of C$53.45 and a one year high of C$74.21. The company’s 50-day moving average is C$63.47 and its 200 day moving average is C$62.88.

Tourmaline Oil (TSE:TOU) last posted its quarterly earnings results on Wednesday, March 6th. The company reported C$2.00 EPS for the quarter, beating analysts’ consensus estimates of C$1.41 by C$0.59. Tourmaline Oil had a net margin of 35.78% and a return on equity of 12.72%. The firm had revenue of C$1.66 billion for the quarter, compared to analysts’ expectations of C$1.49 billion. Sell-side analysts expect that Tourmaline Oil will post 4.7492669 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Senior Officer Mike Rose purchased 2,500 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were purchased at an average price of C$59.42 per share, for a total transaction of C$148,543.00. Insiders have bought a total of 12,630 shares of company stock valued at $790,110 over the last quarter. 5.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TOU shares. Raymond James lowered their price objective on shares of Tourmaline Oil from C$90.00 to C$85.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 19th. Stifel Nicolaus boosted their price objective on Tourmaline Oil from C$75.00 to C$80.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Canaccord Genuity Group increased their price target on Tourmaline Oil from C$72.50 to C$73.50 and gave the stock a “buy” rating in a research note on Thursday. BMO Capital Markets decreased their target price on Tourmaline Oil from C$78.00 to C$75.00 in a research note on Thursday, March 28th. Finally, ATB Capital reduced their price target on shares of Tourmaline Oil from C$85.00 to C$80.00 and set an “outperform” rating on the stock in a report on Wednesday, March 20th. 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, Tourmaline Oil currently has an average rating of “Buy” and an average price target of C$78.38.

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.