Scotiabank Cuts Tourmaline Oil (TSE:TOU) Price Target to C$75.00

Tourmaline Oil (TSE:TOU) had its price objective reduced by Scotiabank from C$80.00 to C$75.00 in a report released on Wednesday morning,BayStreet.CA reports. Scotiabank currently has an outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. Capital One Financial raised Tourmaline Oil to a “strong-buy” rating in a research report on Monday, October 27th. Jefferies Financial Group dropped their price objective on shares of Tourmaline Oil from C$72.00 to C$70.00 in a research note on Tuesday. CIBC reduced their target price on shares of Tourmaline Oil from C$71.00 to C$66.00 in a research note on Tuesday, January 13th. Desjardins raised shares of Tourmaline Oil from a “hold” rating to a “buy” rating and set a C$68.00 price target for the company in a research note on Monday, November 24th. Finally, Raymond James Financial cut their price target on shares of Tourmaline Oil from C$74.00 to C$72.00 in a report on Thursday, November 6th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Tourmaline Oil currently has an average rating of “Buy” and a consensus target price of C$71.33.

Tourmaline Oil Stock Up 1.6%

Shares of TSE TOU opened at C$62.51 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.47 and a debt-to-equity ratio of 10.13. Tourmaline Oil has a 12-month low of C$55.40 and a 12-month high of C$70.83. The firm’s 50-day moving average price is C$61.49 and its 200-day moving average price is C$60.69. The stock has a market capitalization of C$24.19 billion, a price-to-earnings ratio of 17.86, a P/E/G ratio of 1.72 and a beta of -0.03.

Tourmaline Oil (TSE:TOU) last issued its quarterly earnings data on Wednesday, November 5th. The company reported C$0.49 earnings per share for the quarter. Tourmaline Oil had a return on equity of 11.08% and a net margin of 28.53%.The company had revenue of C$1.40 billion for the quarter. On average, equities research analysts anticipate that Tourmaline Oil will post 5.6809091 EPS for the current fiscal year.

Tourmaline Oil Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.2%. Tourmaline Oil’s dividend payout ratio (DPR) is 52.86%.

Insider Buying and Selling at Tourmaline Oil

In other news, insider Mike Rose purchased 2,500 shares of the business’s stock in a transaction dated Wednesday, January 14th. The shares were purchased at an average price of C$58.72 per share, for a total transaction of C$146,800.00. Following the completion of the purchase, the insider owned 8,032,678 shares in the company, valued at approximately C$471,678,852.16. This represents a 0.03% increase in their position. Corporate 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.