Tourmaline Oil (TSE:TOU) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Tourmaline Oil Corp. (TSE:TOU)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$63.20 and traded as high as C$63.88. Tourmaline Oil shares last traded at C$63.02, with a volume of 1,906,755 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. TD boosted their target price on Tourmaline Oil from C$65.00 to C$66.00 and gave the company a “hold” rating in a research report on Wednesday, July 22nd. Jefferies Financial Group raised their price target on Tourmaline Oil from C$72.00 to C$74.00 in a research note on Friday, July 24th. Scotiabank upgraded Tourmaline Oil to a “strong-buy” rating in a report on Friday, June 26th. Finally, Desjardins set a C$68.00 price objective on Tourmaline Oil and gave the company a “hold” rating in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of C$70.36.

Tourmaline Oil Stock Down 0.0%

The business’s fifty day moving average is C$61.78 and its two-hundred day moving average is C$63.19. The company has a market cap of C$24.23 billion, a P/E ratio of 67.77, a price-to-earnings-growth ratio of 1.72 and a beta of -0.26. The company has a debt-to-equity ratio of 8.24, a quick ratio of 0.47 and a current ratio of 0.72.

Tourmaline Oil (TSE:TOU) last issued its earnings results on Wednesday, July 29th. The company reported C$0.47 EPS for the quarter. The business had revenue of C$1.50 billion for the quarter. Tourmaline Oil had a net margin of 6.50% and a return on equity of 2.37%. Equities analysts predict that Tourmaline Oil Corp. will post 5.6809091 EPS for the current year.

Tourmaline Oil Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.00 annualized dividend and a yield of 3.2%. Tourmaline Oil’s dividend payout ratio is 217.39%.

Insider Transactions at Tourmaline Oil

In other news, insider James William Alexander Heard bought 1,000 shares of the stock in a transaction on Thursday, June 18th. The stock was acquired at an average cost of C$58.88 per share, for a total transaction of C$58,880.00. Following the acquisition, the insider owned 67,476 shares of the company’s stock, valued at C$3,972,986.88. This represents a 1.50% increase in their ownership of the stock. Also, Director Jill Terilee Angevine purchased 766 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were purchased at an average cost of C$59.00 per share, for a total transaction of C$45,194.00. Following the transaction, the director directly owned 71,766 shares in the company, valued at approximately C$4,234,194. This represents a 1.08% increase in their position. Over the last 90 days, insiders have purchased 29,266 shares of company stock valued at $1,770,174. Company 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.