Tourmaline Oil (TSE:TOU) Price Target Raised to C$80.00 at CIBC

Tourmaline Oil (TSE:TOU) had its price objective lifted by CIBC from C$77.50 to C$80.00 in a research report released on Thursday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

TOU has been the subject of several other research reports. Raymond James lowered their price target on shares of Tourmaline Oil from C$90.00 to C$85.00 and set a strong-buy rating for the company in a report on Friday, January 19th. ATB Capital cut their price target on Tourmaline Oil from C$85.00 to C$80.00 and set an outperform rating on the stock in a report on Wednesday, March 20th. Canaccord Genuity Group reduced their target price on Tourmaline Oil from C$75.00 to C$72.50 and set a buy rating for the company in a research note on Wednesday, April 17th. BMO Capital Markets decreased their price objective on Tourmaline Oil from C$78.00 to C$75.00 in a report on Thursday, March 28th. Finally, Desjardins reduced their price target on shares of Tourmaline Oil from C$75.00 to C$74.00 and set a buy rating for the company in a research report on Tuesday, April 23rd. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Buy and an average price target of C$78.38.

Tourmaline Oil Price Performance

TOU stock opened at C$64.78 on Thursday. Tourmaline Oil has a 1 year low of C$53.45 and a 1 year high of C$74.21. The stock has a market cap of C$22.77 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 1.72 and a beta of 1.40. The company has a debt-to-equity ratio of 8.04, a current ratio of 0.81 and a quick ratio of 0.47. The company has a 50 day simple moving average of C$63.47 and a 200 day simple moving average of C$62.88.

Tourmaline Oil (TSE:TOU) last posted its earnings results on Wednesday, March 6th. The company reported C$2.00 EPS for the quarter, topping the consensus estimate of C$1.41 by C$0.59. The business had revenue of C$1.66 billion for the quarter, compared to the consensus estimate of C$1.49 billion. Tourmaline Oil had a net margin of 35.87% and a return on equity of 12.53%. Research analysts anticipate that Tourmaline Oil will post 4.710507 EPS for the current fiscal year.

Tourmaline Oil Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 16th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.98%. This is a positive change from Tourmaline Oil’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, May 8th. Tourmaline Oil’s payout ratio is presently 23.86%.

Insiders Place Their Bets

In related news, Senior Officer Mike Rose bought 5,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were acquired at an average cost of C$64.65 per share, with a total value of C$323,258.00. Insiders have bought 12,630 shares of company stock worth $790,110 in the last three months. 5.19% of the stock is currently owned by corporate insiders.

About Tourmaline Oil

Tourmaline Oil Corp. explores for and develops oil and natural gas properties in the Western Canadian Sedimentary Basin. The company holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex. Tourmaline Oil Corp.