Tourmaline Oil (TSE:TOU) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Tourmaline Oil Corp. (TSE:TOU)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$63.31 and traded as high as C$63.90. Tourmaline Oil shares last traded at C$63.20, with a volume of 3,727,823 shares changing hands.

Analyst Ratings Changes

TOU has been the topic of several recent analyst reports. Canaccord Genuity Group cut shares of Tourmaline Oil from a “buy” rating to a “hold” rating and set a C$70.00 price target on the stock. in a report on Thursday, May 7th. Raymond James Financial lifted their price target on shares of Tourmaline Oil from C$69.00 to C$72.00 in a report on Thursday, March 5th. ATB Cormark Capital Markets cut 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. Scotiabank upgraded shares of Tourmaline Oil to a “strong-buy” rating in a report on Wednesday, April 1st. Finally, Desjardins boosted their target price on shares of Tourmaline Oil from C$70.00 to C$74.00 and gave the company a “buy” rating in a report on Monday, March 9th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$71.00.

Tourmaline Oil Trading Up 0.0%

The firm has a 50-day moving average price of C$63.95 and a 200-day moving average price of C$63.31. The company has a debt-to-equity ratio of 7.14, a quick ratio of 0.47 and a current ratio of 0.88. The stock has a market cap of C$24.54 billion, a PE ratio of 34.92, a price-to-earnings-growth ratio of 1.72 and a beta of -0.24.

Tourmaline Oil (TSE:TOU) last posted its quarterly earnings results on Wednesday, May 6th. The company reported C$1.69 earnings per share (EPS) for the quarter. The firm had revenue of C$1.78 billion during the quarter. Tourmaline Oil had a return on equity of 4.40% and a net margin of 12.79%. As a group, equities analysts anticipate 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 will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, June 15th. Tourmaline Oil’s payout ratio is currently 110.50%.

Insider Activity

In related news, insider James William Alexander Heard purchased 1,000 shares of the stock in a transaction dated Friday, April 17th. The stock was purchased at an average price of C$59.08 per share, with a total value of C$59,080.00. Following the transaction, the insider directly owned 66,476 shares in the company, valued at C$3,927,402.08. This trade represents a 1.53% increase in their ownership of the stock. Also, insider Mike Rose acquired 5,000 shares of Tourmaline Oil stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of C$65.20 per share, with a total value of C$326,000.00. Following the completion of the acquisition, the insider directly owned 8,085,178 shares in the company, valued at C$527,153,605.60. This represents a 0.06% increase in their position. In the last ninety days, insiders bought 33,500 shares of company stock valued at $2,139,530. 5.13% of the stock is owned by insiders.

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.