Tourmaline Oil (TSE:TOU) Issues Earnings Results

Tourmaline Oil (TSE:TOU) announced its quarterly earnings results on Wednesday. The company reported C$1.69 earnings per share (EPS) for the quarter, FiscalAI reports. Tourmaline Oil had a net margin of 5.03% and a return on equity of 1.65%. The firm had revenue of C$1.78 billion for the quarter.

Tourmaline Oil Price Performance

TOU traded down C$1.10 during midday trading on Wednesday, hitting C$66.85. 3,873,361 shares of the company traded hands, compared to its average volume of 2,769,819. The company has a current ratio of 0.83, a quick ratio of 0.47 and a debt-to-equity ratio of 12.25. The company has a market capitalization of C$25.96 billion, a price-to-earnings ratio of 98.31, a PEG ratio of 1.72 and a beta of -0.12. Tourmaline Oil has a 52-week low of C$56.72 and a 52-week high of C$70.57. The business has a 50 day simple moving average of C$64.29 and a two-hundred day simple moving average of C$62.54.

Tourmaline Oil Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, March 16th. Tourmaline Oil’s dividend payout ratio (DPR) is presently 294.12%.

Insider Buying and Selling at Tourmaline Oil

In related news, insider James William Alexander Heard acquired 1,000 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were acquired at an average cost of C$59.08 per share, with a total value of C$59,080.00. Following the completion of the acquisition, the insider directly owned 66,476 shares in the company, valued at approximately C$3,927,402.08. This trade represents a 1.53% increase in their position. Also, insider Mike Rose acquired 5,000 shares of the firm’s stock in a transaction on Friday, April 24th. The shares were bought at an average cost of C$59.45 per share, for a total transaction of C$297,250.00. Following the completion of the acquisition, the insider owned 1,500,000 shares of the company’s stock, valued at approximately C$89,175,000. This represents a 0.33% increase in their ownership of the stock. Over the last ninety days, insiders have acquired 8,500 shares of company stock worth $527,580. Insiders own 5.13% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Desjardins increased their price target 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. Scotiabank raised shares of Tourmaline Oil to a “strong-buy” rating in a report on Wednesday, April 1st. Royal Bank Of Canada lowered their price target on shares of Tourmaline Oil from C$76.00 to C$72.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Raymond James Financial increased their price target on shares of Tourmaline Oil from C$69.00 to C$72.00 in a report on Thursday, March 5th. Finally, ATB Cormark Capital Markets lowered their price target on shares of Tourmaline Oil from C$74.00 to C$73.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Three 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.com, Tourmaline Oil currently has an average rating of “Buy” and an average price target of C$71.25.

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.