Tourmaline Oil (TSE:TOU) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Tourmaline Oil Corp. (TSE:TOU) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$62.34 and traded as high as C$66.80. Tourmaline Oil shares last traded at C$63.80, with a volume of 2,575,067 shares traded.

Analyst Ratings Changes

TOU has been the subject of several analyst reports. Scotiabank raised shares of Tourmaline Oil to a “strong-buy” rating in a report on Wednesday. Desjardins raised their price objective 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. Raymond James Financial lifted their target price on shares of Tourmaline Oil from C$69.00 to C$72.00 in a research note on Thursday, March 5th. Royal Bank Of Canada reduced their target price on 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. Finally, Canadian Imperial Bank of Commerce decreased their price target on Tourmaline Oil from C$71.00 to C$66.00 in a research report on Tuesday, January 13th. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of C$71.22.

Tourmaline Oil Price Performance

The stock has a fifty day moving average of C$64.28 and a 200-day moving average of C$62.35. The firm has a market capitalization of C$24.90 billion, a P/E ratio of 94.59, a PEG ratio of 1.72 and a beta of 0.00. The company has a quick ratio of 0.47, a current ratio of 0.83 and a debt-to-equity ratio of 12.25.

Tourmaline Oil (TSE:TOU) last issued its quarterly earnings data on Wednesday, March 4th. The company reported C($1.72) EPS for the quarter. Tourmaline Oil had a return on equity of 1.65% and a net margin of 5.03%.The company had revenue of C$1.66 billion for the quarter. Equities analysts predict that Tourmaline Oil Corp. will post 5.6809091 EPS for the current fiscal year.

Tourmaline Oil Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.1%. Tourmaline Oil’s dividend payout ratio (DPR) is currently 294.12%.

Insiders Place Their Bets

In related news, insider Mike Rose acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was purchased at an average price of C$62.21 per share, for a total transaction of C$622,100.00. Following the transaction, the insider directly owned 8,042,678 shares of the company’s stock, valued at approximately C$500,334,998.38. This trade represents a 0.12% increase in their position. In the last three months, insiders have purchased 15,000 shares of company stock valued at $940,150. 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.