ATB Cormark Capital Markets Issues Positive Forecast for Tourmaline Oil (TSE:TOU) Stock Price

Key Points

• ATB Cormark raised Tourmaline Oil’s price target from C$70 to C$75 and maintained an “outperform” rating, implying 13.88% potential upside from the prior close.
• Analyst sentiment is broadly positive but mixed: MarketBeat reports an average “Moderate Buy” rating and an average target price of C$70.80, with ratings ranging from Strong Buy to Sell.
• Tourmaline shares fell 0.2% to C$65.86 during Thursday trading. Insider Mike Rose also purchased 5,000 shares for approximately C$310,300, while insiders collectively bought 35,000 shares over the prior three months.

Tourmaline Oil (TSE:TOU - Get Free Report) had its price objective hoisted by equities researchers at ATB Cormark Capital Markets from C$70.00 to C$75.00 in a research report issued to clients and investors on Thursday, BayStreet reports. The brokerage currently has an "outperform" rating on the stock. ATB Cormark Capital Markets's price target points to a potential upside of 13.88% from the company's previous close.

A number of other equities research analysts also recently commented on TOU. Jefferies Financial Group increased their price objective on shares of Tourmaline Oil from C$72.00 to C$74.00 in a research report on Friday, July 24th. The Goldman Sachs Group downgraded shares of Tourmaline Oil from a "strong-buy" rating to a "strong sell" rating in a research report on Thursday, October 1st. Scotiabank upgraded shares of Tourmaline Oil to a "strong-buy" rating in a research note on Friday, June 26th. Desjardins set a C$68.00 target price on shares of Tourmaline Oil and gave the stock a "hold" rating in a research note on Friday, July 17th. Finally, TD lifted their target price on shares of Tourmaline Oil from C$65.00 to C$66.00 and gave the company a "hold" rating in a report on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of C$70.80.

Tourmaline Oil Trading Down 0.2%

Shares of Tourmaline Oil stock traded down C$0.11 during mid-day trading on Thursday, hitting C$65.86. The stock had a trading volume of 1,515,153 shares, compared to its average volume of 2,629,257. The firm has a 50-day moving average of C$62.40 and a two-hundred day moving average of C$62.56. The firm has a market cap of C$25.59 billion, a P/E ratio of 71.59, a price-to-earnings-growth ratio of 1.72 and a beta of -0.27. The company has a quick ratio of 0.47, a current ratio of 0.72 and a debt-to-equity ratio of 8.24. Tourmaline Oil has a 12-month low of C$57.95 and a 12-month high of C$70.57.

Tourmaline Oil (TSE:TOU - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported C$0.47 earnings per share (EPS) for the quarter. Tourmaline Oil had a return on equity of 2.37% and a net margin of 6.50%. The company had revenue of C$1.50 billion during the quarter. Sell-side analysts forecast that Tourmaline Oil will post 5.68 earnings per share for the current year.

Insider Transactions at Tourmaline Oil

In other Tourmaline Oil news, insider Mike Rose bought 5,000 shares of Tourmaline Oil stock in a transaction on Tuesday, October 6th. The stock was bought at an average price of C$62.06 per share, with a total value of C$310,300.00. Following the completion of the acquisition, the insider owned 8,162,678 shares in the company, valued at C$506,575,796.68. The trade was a 0.06% increase in their ownership of the stock. Insiders acquired a total of 35,000 shares of company stock valued at $2,143,250 in the last three months. Corporate 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.

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