Tourmaline Oil (TSE:TOU) Downgraded by The Goldman Sachs Group to "Strong Sell"

Key Points

• Goldman Sachs downgraded Tourmaline Oil from “strong buy” to “strong sell,” despite the broader analyst consensus remaining “moderate buy” with an average price target of C$70.60.
• Tourmaline shares opened at C$60.66, down 0.4%, with a market capitalization of approximately C$23.57 billion. The stock remains below its 52-week high of C$70.57.
• The company reported quarterly revenue of C$1.50 billion and earnings of C$0.47 per share. Insiders purchased 30,766 shares worth approximately C$1.88 million during the latest quarter.

Tourmaline Oil (TSE:TOU - Get Free Report) was downgraded by analysts at The Goldman Sachs Group from a "strong-buy" rating to a "strong sell" rating in a note issued to investors on Thursday, Zacks reports.

Several other research analysts have also commented on TOU. TD increased their price target on shares of Tourmaline Oil from C$65.00 to C$66.00 and gave the stock a "hold" rating in a research note on Wednesday, July 22nd. Scotiabank upgraded shares of Tourmaline Oil to a "strong-buy" rating in a report 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 report on Friday, July 17th. Finally, Jefferies Financial Group raised their target price on Tourmaline Oil from C$72.00 to C$74.00 in a report on Friday, July 24th. 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of C$70.60.

Tourmaline Oil Stock Down 0.4%

TOU opened at C$60.66 on Thursday. The company has a market capitalization of C$23.57 billion, a PE ratio of 65.93, a price-to-earnings-growth ratio of 1.72 and a beta of -0.26. The company has a debt-to-equity ratio of 8.24, a current ratio of 0.72 and a quick ratio of 0.47. Tourmaline Oil has a fifty-two week low of C$57.95 and a fifty-two week high of C$70.57. The business has a 50-day moving average of C$61.61 and a 200-day moving average of C$62.87.

Tourmaline Oil (TSE:TOU - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$0.47 EPS for the quarter. Tourmaline Oil had a return on equity of 2.37% and a net margin of 6.50%.The business had revenue of C$1.50 billion during the quarter. Equities research analysts forecast that Tourmaline Oil will post 5.6809091 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mike Rose bought 5,000 shares of the company's stock in a transaction that occurred on Tuesday, September 29th. The shares were purchased at an average price of C$60.28 per share, for a total transaction of C$301,400.00. Following the acquisition, the insider directly owned 8,157,678 shares of the company's stock, valued at C$491,744,829.84. The trade was a 0.06% increase in their position. Also, Director Jill Terilee Angevine bought 766 shares of the business's stock in a transaction on Monday, July 6th. The shares were purchased at an average cost of C$59.00 per share, with a total value of C$45,194.00. Following the transaction, the director owned 71,766 shares in the company, valued at approximately C$4,234,194. The trade was a 1.08% increase in their ownership of the stock. Insiders purchased a total of 30,766 shares of company stock worth $1,878,144 over the last quarter. 5.13% of the stock is currently owned by company insiders.

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.

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