CIBC Cuts Tourmaline Oil (TSE:TOU) Price Target to C$66.00

Tourmaline Oil (TSE:TOU) had its price target cut by CIBC from C$71.00 to C$66.00 in a research note released on Tuesday,BayStreet.CA reports.

A number of other research analysts also recently commented on the stock. TD Securities downgraded shares of Tourmaline Oil from a “buy” rating to a “hold” rating and dropped their price objective for the company from C$73.00 to C$68.00 in a research note on Tuesday, September 30th. Scotiabank dropped their price target on shares of Tourmaline Oil from C$85.00 to C$80.00 and set an “outperform” rating for the company in a research report on Wednesday, October 29th. Desjardins raised shares of Tourmaline Oil from a “hold” rating to a “buy” rating and set a C$68.00 price target on the stock in a research note on Monday, November 24th. The Goldman Sachs Group upgraded shares of Tourmaline Oil to a “strong-buy” rating in a report on Monday, October 13th. Finally, Raymond James Financial dropped their price objective on Tourmaline Oil from C$74.00 to C$72.00 in a report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Tourmaline Oil currently has a consensus rating of “Buy” and a consensus target price of C$72.13.

Tourmaline Oil Price Performance

TOU stock opened at C$59.10 on Tuesday. The stock has a market capitalization of C$22.87 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 1.72 and a beta of -0.03. The company has a quick ratio of 0.47, a current ratio of 1.01 and a debt-to-equity ratio of 10.13. Tourmaline Oil has a 52-week low of C$55.40 and a 52-week high of C$70.83. The stock’s fifty day simple moving average is C$61.56 and its 200-day simple moving average is C$60.83.

Tourmaline Oil (TSE:TOU) last released its earnings results on Wednesday, November 5th. The company reported C$0.49 EPS for the quarter. Tourmaline Oil had a return on equity of 11.08% and a net margin of 28.53%.The firm had revenue of C$1.40 billion during the quarter. Equities research analysts expect that Tourmaline Oil will post 5.6809091 EPS for the current year.

Tourmaline Oil Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.00 annualized dividend and a dividend yield of 3.4%. Tourmaline Oil’s dividend payout ratio is presently 52.86%.

Insider Buying and Selling at Tourmaline Oil

In other Tourmaline Oil news, insider Mike Rose bought 10,000 shares of Tourmaline Oil stock in a transaction that occurred on Friday, November 7th. The shares were acquired at an average price of C$59.83 per share, for a total transaction of C$598,300.00. Following the acquisition, the insider owned 8,197,742 shares of the company’s stock, valued at C$490,470,903.86. The trade was a 0.12% increase in their position. Insiders own 5.13% of the company’s stock.

About Tourmaline Oil

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.