Tourmaline Oil (TSE:TOU) Given New C$74.00 Price Target at CIBC

Key Points

• CIBC has reduced its price target for Tourmaline Oil (TSE:TOU) from C$75.00 to C$74.00, while maintaining an "outperform" rating, indicating a potential upside of 25.59% based on the stock's previous close.
• Several other analysts have also revised their target prices for Tourmaline Oil, with UBS lowering their target to C$71.00 and Desjardins increasing theirs to C$76.00, while the consensus rating remains at "Moderate Buy" with an average target of C$76.50.
• Tourmaline Oil's stock has been trading lower, hitting C$58.92, and the company holds a market cap of C$21.96 billion, alongside significant insider transactions over the past 90 days.

Tourmaline Oil (TSE:TOU - Free Report) had its price target reduced by CIBC from C$75.00 to C$74.00 in a research report sent to investors on Thursday morning,BayStreet.CA reports. CIBC currently has an outperform rating on the stock.

Other research analysts also recently issued reports about the company. TD Securities lowered their target price on Tourmaline Oil from C$77.00 to C$75.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Desjardins lifted their target price on Tourmaline Oil from C$74.00 to C$76.00 and gave the company a "hold" rating in a research note on Tuesday, April 15th. Raymond James Financial downgraded Tourmaline Oil from an "outperform" rating to a "market perform" rating and lowered their target price for the company from C$76.00 to C$74.00 in a research note on Thursday. Finally, UBS Group lowered their target price on Tourmaline Oil from C$74.00 to C$71.00 in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of C$76.18.

Tourmaline Oil Stock Performance

Shares of TOU stock traded down C$1.36 during midday trading on Thursday, hitting C$57.61. The company had a trading volume of 8,222,042 shares, compared to its average volume of 2,184,125. The company's 50 day simple moving average is C$63.55 and its 200 day simple moving average is C$64.57. Tourmaline Oil has a 52-week low of C$55.27 and a 52-week high of C$70.83. The stock has a market cap of C$21.47 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 1.72 and a beta of 1.30. The company has a debt-to-equity ratio of 10.13, a current ratio of 1.01 and a quick ratio of 0.47.

Tourmaline Oil Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Friday, August 8th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.4%. Tourmaline Oil's dividend payout ratio (DPR) is presently 31.61%.

Insider Buying and Selling

In other Tourmaline Oil news, Senior Officer Mike Rose purchased 5,000 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were purchased at an average cost of C$62.92 per share, for a total transaction of C$314,601.00. Also, Senior Officer William Scott Kirker sold 56,000 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of C$64.94, for a total value of C$3,636,561.60. Over the last 90 days, insiders purchased 40,000 shares of company stock worth $2,547,532. Company 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.