Tourmaline Oil (TSE:TOU) Issues Earnings Results

Tourmaline Oil (TSE:TOU) announced its quarterly earnings results on Wednesday. The company reported C$0.47 earnings per share (EPS) for the quarter, FiscalAI reports. Tourmaline Oil had a net margin of 12.79% and a return on equity of 4.40%. The firm had revenue of C$1.50 billion during the quarter.

Tourmaline Oil Stock Down 3.4%

TOU stock opened at C$62.30 on Friday. The stock’s 50 day simple moving average is C$62.35 and its 200 day simple moving average is C$63.19. The company has a market cap of C$24.19 billion, a P/E ratio of 34.42, a price-to-earnings-growth ratio of 1.72 and a beta of -0.27. The company has a debt-to-equity ratio of 7.14, a quick ratio of 0.47 and a current ratio of 0.88. Tourmaline Oil has a fifty-two week low of C$56.72 and a fifty-two week high of C$70.57.

Tourmaline Oil Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Monday, June 15th. Tourmaline Oil’s payout ratio is presently 110.50%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TOU. TD lifted their target price on Tourmaline Oil from C$65.00 to C$66.00 and gave the stock a “hold” rating in a report on Wednesday, July 22nd. Scotiabank upgraded Tourmaline Oil to a “strong-buy” rating in a report on Friday, June 26th. Jefferies Financial Group increased their target price on shares of Tourmaline Oil from C$72.00 to C$74.00 in a research report on Friday, July 24th. BMO Capital Markets downgraded shares of Tourmaline Oil from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from C$67.00 to C$70.00 in a research report on Thursday, May 7th. Finally, Desjardins set a C$68.00 price objective on shares of Tourmaline Oil and gave the company a “hold” rating in a research note on Friday, July 17th. Three equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$70.36.

Insider Transactions at Tourmaline Oil

In other Tourmaline Oil news, Director Jill Terilee Angevine bought 766 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was bought at an average cost of C$59.00 per share, with a total value of C$45,194.00. Following the completion of the transaction, the director directly owned 71,766 shares in the company, valued at approximately C$4,234,194. The trade was a 1.08% increase in their position. Also, insider James William Alexander Heard purchased 1,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider owned 67,476 shares in the company, valued at C$3,972,986.88. This represents a 1.50% increase in their position. In the last three months, insiders have bought 39,266 shares of company stock worth $2,463,574. 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.