Tourmaline Oil (TSE:TOU) Announces Quarterly Earnings Results

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

Tourmaline Oil Price Performance

TOU stock opened at C$64.46 on Thursday. The company has a quick ratio of 0.47, a current ratio of 0.88 and a debt-to-equity ratio of 7.14. The firm has a market cap of C$25.03 billion, a price-to-earnings ratio of 35.61, a PEG ratio of 1.72 and a beta of -0.27. The company’s fifty day simple moving average is C$62.44 and its 200 day simple moving average is C$63.17. Tourmaline Oil has a 12-month low of C$56.72 and a 12-month high of C$70.57.

Tourmaline Oil Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were issued a $0.50 dividend. The ex-dividend date was Monday, June 15th. This represents a $2.00 annualized dividend and a yield of 3.1%. Tourmaline Oil’s payout ratio is presently 110.50%.

Insider Activity

In other Tourmaline Oil news, insider Earl Henry Mckinnon sold 4,700 shares of the business’s stock in a transaction that occurred on Friday, July 3rd. The stock was sold at an average price of C$60.35, for a total value of C$283,645.00. Following the transaction, the insider directly owned 132,280 shares of the company’s stock, valued at approximately C$7,983,098. The trade was a 3.43% decrease in their ownership of the stock. Also, insider Mike Rose acquired 5,000 shares of the stock in a transaction dated Friday, June 5th. The stock was bought at an average price of C$63.96 per share, with a total value of C$319,800.00. Following the purchase, the insider directly owned 8,095,178 shares in the company, valued at C$517,767,584.88. This represents a 0.06% increase in their ownership of the stock. Over the last three months, insiders bought 39,266 shares of company stock valued at $2,463,574. Corporate insiders own 5.13% of the company’s stock.

Wall Street Analyst Weigh In

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

Tourmaline Oil Company Profile

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.