BMO Capital Markets Downgrades Tourmaline Oil (TSE:TOU) to Market Perform

Key Points

• BMO Capital Markets downgraded Tourmaline Oil from "outperform" to "market perform" and raised its target to C$70 (from C$67), implying roughly an 8.86% upside.
• Shares fell C$2.55 to C$64.30 on Thursday; the stock trades between a 1‑year low of C$56.72 and high of C$70.57, with a market cap of about C$24.97B and a P/E of 94.56.
• Company insiders have been buying recently (8,500 shares worth C$527,580 in the last 90 days), and corporate insiders now own 5.13% of the stock.

Tourmaline Oil (TSE:TOU - Get Free Report) was downgraded by stock analysts at BMO Capital Markets from an "outperform" rating to a "market perform" rating in a report issued on Thursday,BayStreet.CA reports. They presently have a C$70.00 target price on the stock, up from their previous target price of C$67.00. BMO Capital Markets' price target suggests a potential upside of 8.86% from the stock's current price.

TOU has been the topic of several other reports. Scotiabank upgraded Tourmaline Oil to a "strong-buy" rating in a report on Wednesday, April 1st. Canaccord Genuity Group cut Tourmaline Oil from a "buy" rating to a "hold" rating and set a C$70.00 price target for the company. in a report on Thursday. ATB Cormark Capital Markets reduced their price objective on Tourmaline Oil from C$74.00 to C$73.00 and set an "outperform" rating on the stock in a research report on Friday, March 6th. Jefferies Financial Group dropped their target price on Tourmaline Oil from C$72.00 to C$70.00 in a report on Tuesday, January 20th. Finally, Raymond James Financial raised their target price on Tourmaline Oil from C$69.00 to C$72.00 in a research note on Thursday, March 5th. Three analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Tourmaline Oil presently has a consensus rating of "Moderate Buy" and a consensus target price of C$71.00.

Tourmaline Oil Price Performance

Shares of Tourmaline Oil stock traded down C$2.55 during trading hours on Thursday, reaching C$64.30. 2,744,542 shares of the company's stock were exchanged, compared to its average volume of 2,768,481. Tourmaline Oil has a 1 year low of C$56.72 and a 1 year high of C$70.57. The company has a market capitalization of C$24.97 billion, a P/E ratio of 94.56, a price-to-earnings-growth ratio of 1.72 and a beta of -0.12. The business has a fifty day moving average of C$64.29 and a two-hundred day moving average of C$62.54. The company has a quick ratio of 0.47, a current ratio of 0.83 and a debt-to-equity ratio of 12.25.

Tourmaline Oil (TSE:TOU - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported C$1.69 earnings per share for the quarter. Tourmaline Oil had a net margin of 5.03% and a return on equity of 1.65%. The firm had revenue of C$1.78 billion for the quarter. As a group, research analysts predict that Tourmaline Oil will post 5.6809091 earnings per share for the current fiscal year.

Insider Activity at Tourmaline Oil

In other Tourmaline Oil news, insider Mike Rose bought 5,000 shares of the business's stock in a transaction on Friday, April 24th. The stock was bought at an average price of C$59.45 per share, with a total value of C$297,250.00. Following the completion of the purchase, the insider directly owned 1,500,000 shares in the company, valued at C$89,175,000. The trade was a 0.33% increase in their ownership of the stock. Also, insider James William Alexander Heard bought 1,000 shares of Tourmaline Oil stock in a transaction on Friday, April 17th. The stock was acquired at an average price of C$59.08 per share, for a total transaction of C$59,080.00. Following the transaction, the insider directly owned 66,476 shares of the company's stock, valued at approximately C$3,927,402.08. This trade represents a 1.53% increase in their ownership of the stock. In the last ninety days, insiders have bought 8,500 shares of company stock worth $527,580. 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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