CIBC Cuts Tourmaline Oil (TSE:TOU) Price Target to C$71.00

Key Points

• CIBC has reduced its price target for Tourmaline Oil from C$74.00 to C$71.00, indicating an expected upside of 18.73% from the stock's last close.
• The average target price across various analysts for Tourmaline Oil is currently C$73.70, with ratings varying from a "Strong Buy" to "Hold."
• In recent insider trading, executives have purchased shares worth over C$2.2 million, indicating a confidence in the company's prospects.

Tourmaline Oil (TSE:TOU - Get Free Report) had its target price cut by equities research analysts at CIBC from C$74.00 to C$71.00 in a note issued to investors on Wednesday,BayStreet.CA reports. CIBC's price objective suggests a potential upside of 18.73% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on the stock. ATB Capital upped their price objective on shares of Tourmaline Oil from C$76.00 to C$77.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. TD Securities lowered shares of Tourmaline Oil from a "buy" rating to a "hold" rating and cut their target price for the stock from C$73.00 to C$68.00 in a research report on Tuesday, September 30th. Raymond James Financial lowered shares of Tourmaline Oil from an "outperform" rating to a "market perform" rating and cut their target price for the stock from C$76.00 to C$74.00 in a research report on Thursday, July 31st. Royal Bank Of Canada cut their target price on shares of Tourmaline Oil from C$78.00 to C$75.00 in a research report on Friday, August 1st. Finally, The Goldman Sachs Group raised shares of Tourmaline Oil to a "strong-buy" rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Tourmaline Oil currently has an average rating of "Moderate Buy" and an average target price of C$73.70.

Tourmaline Oil Trading Up 0.3%

TSE TOU traded up C$0.16 on Wednesday, hitting C$59.80. 535,995 shares of the stock were exchanged, compared to its average volume of 2,399,697. Tourmaline Oil has a 52-week low of C$55.40 and a 52-week high of C$70.83. 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 market capitalization of C$23.13 billion, a price-to-earnings ratio of 14.88, a P/E/G ratio of 1.72 and a beta of 0.35. The company's 50-day moving average price is C$59.48 and its two-hundred day moving average price is C$61.77.

Insider Activity

In other news, insider Mike Rose bought 10,000 shares of the business's stock in a transaction on Friday, October 10th. The shares were bought at an average cost of C$60.42 per share, for a total transaction of C$604,200.00. Following the completion of the acquisition, the insider owned 8,187,742 shares in the company, valued at approximately C$494,703,371.64. This trade represents a 0.12% increase in their position. Also, Director Christopher Lee bought 17,000 shares of the business's stock in a transaction on Wednesday, August 27th. The stock was purchased at an average price of C$58.30 per share, for a total transaction of C$991,045.60. Following the completion of the acquisition, the director owned 17,000 shares of the company's stock, valued at approximately C$991,045.60. This trade represents a ∞ increase in their position. Insiders have acquired 37,305 shares of company stock worth $2,210,556 over the last ninety days. Insiders own 5.13% of the company's stock.

Tourmaline Oil Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.