Tourmaline Oil (TSE:TOU) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Tourmaline Oil shares rose above their 200-day moving average, reaching C$65.35 and closing at C$65.19 on elevated volume. The 200-day average was C$62.60.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of C$70.60, despite mixed revisions ranging from a C$66 target to a “strong sell” downgrade.
• The company reported C$0.47 in quarterly EPS on C$1.50 billion in revenue, while insiders have continued buying shares; insiders own 5.13% of Tourmaline Oil.

Tourmaline Oil Corp. (TSE:TOU - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$62.60 and traded as high as C$65.35. Tourmaline Oil shares last traded at C$65.19, with a volume of 3,986,372 shares.

Analysts Set New Price Targets

TOU has been the subject of a number of research reports. Scotiabank raised shares of Tourmaline Oil to a "strong-buy" rating in a report on Friday, June 26th. 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 report on Wednesday, July 22nd. Desjardins set a C$68.00 price target on shares of Tourmaline Oil and gave the stock a "hold" rating in a research note on Friday, July 17th. Jefferies Financial Group lifted their price target on shares of Tourmaline Oil from C$72.00 to C$74.00 in a research note on Friday, July 24th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of C$70.60.

Tourmaline Oil Stock Performance

The business has a 50-day simple moving average of C$61.68 and a 200 day simple moving average of C$62.60. The company has a debt-to-equity ratio of 8.24, a current ratio of 0.72 and a quick ratio of 0.47. The firm has a market cap of C$25.33 billion, a PE ratio of 70.86, a PEG ratio of 1.72 and a beta of -0.27.

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

Insider Transactions at Tourmaline Oil

In other news, insider Mike Rose bought 5,000 shares of the firm's stock in a transaction on Tuesday, October 6th. The shares were bought at an average price of C$62.06 per share, for a total transaction of C$310,300.00. Following the purchase, the insider owned 8,162,678 shares in the company, valued at approximately C$506,575,796.68. The trade was a 0.06% increase in their ownership of the stock. Over the last ninety days, insiders have purchased 35,000 shares of company stock valued at $2,143,250. 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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