Tourmaline Oil (TSE:TOU) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Tourmaline Oil Corp. (TSE:TOU)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$61.56 and traded as high as C$61.63. Tourmaline Oil shares last traded at C$60.06, with a volume of 2,104,031 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TOU. Scotiabank decreased their target price on Tourmaline Oil from C$85.00 to C$80.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 29th. Raymond James Financial decreased their price target on shares of Tourmaline Oil from C$74.00 to C$72.00 in a report on Thursday, November 6th. Royal Bank Of Canada lowered their price objective on shares of Tourmaline Oil from C$78.00 to C$75.00 in a research report on Friday, August 1st. TD Securities lowered shares of Tourmaline Oil from a “buy” rating to a “hold” rating and cut their target price for the company from C$73.00 to C$68.00 in a research report on Tuesday, September 30th. Finally, CIBC decreased their target price on shares of Tourmaline Oil from C$74.00 to C$71.00 in a research note on Wednesday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$74.10.

Tourmaline Oil Stock Performance

The company has a debt-to-equity ratio of 10.13, a current ratio of 1.01 and a quick ratio of 0.47. The company has a fifty day moving average price of C$61.11 and a 200 day moving average price of C$61.56. The stock has a market cap of C$23.96 billion, a P/E ratio of 17.69, a P/E/G ratio of 1.72 and a beta of 0.29.

Tourmaline Oil (TSE:TOU) last issued its quarterly earnings data on Wednesday, November 5th. The company reported C$0.49 earnings per share (EPS) for the quarter. The firm had revenue of C$1.30 billion during the quarter. Tourmaline Oil had a net margin of 28.53% and a return on equity of 11.08%. On average, equities analysts expect that Tourmaline Oil Corp. will post 5.6809091 EPS for the current year.

Tourmaline Oil Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 29th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.2%. This is an increase from Tourmaline Oil’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 15th. Tourmaline Oil’s dividend payout ratio is currently 52.86%.

Insider Buying and Selling at Tourmaline Oil

In other news, insider Mike Rose acquired 10,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were purchased at an average cost of C$59.83 per share, with a total value of C$598,300.00. Following the acquisition, the insider directly owned 8,197,742 shares of the company’s stock, valued at C$490,470,903.86. The trade was a 0.12% increase in their ownership of the stock. Also, Director Christopher Lee acquired 17,000 shares of Tourmaline Oil stock in a transaction on Wednesday, August 27th. The stock was purchased at an average cost of C$58.30 per share, with a total value of C$991,045.60. Following the completion of the transaction, the director directly owned 17,000 shares in the company, valued at C$991,045.60. This represents a ∞ increase in their position. Over the last 90 days, insiders have acquired 42,000 shares of company stock worth $2,499,474. Company insiders own 5.13% of the company’s stock.

About Tourmaline Oil

Tourmaline Oil Corp is a Canadian energy company engaged in natural gas and crude oil acquisition, exploration, development, and production in the Western Canada Sedimentary Basin.