Tourmaline Oil (TSE:TOU) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Tourmaline Oil shares moved above their 200-day moving average, reaching C$63.88 before closing at C$63.02, up 0.4% on volume of roughly 1.9 million shares.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of C$70.36; Jefferies recently raised its target to C$74.00.
• The company reported C$0.47 in quarterly EPS on C$1.50 billion in revenue and declared a quarterly dividend of $0.50 per share, equivalent to a 3.2% annualized yield. Insiders have also purchased 29,266 shares over the past 90 days.

Tourmaline Oil Corp. (TSE:TOU - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$63.20 and traded as high as C$63.88. Tourmaline Oil shares last traded at C$63.02, with a volume of 1,906,755 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group boosted their price target on Tourmaline Oil from C$72.00 to C$74.00 in a research note on Friday, July 24th. TD lifted their target price 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. 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, Scotiabank upgraded shares of Tourmaline Oil to a "strong-buy" rating in a research note on Friday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Tourmaline Oil has an average rating of "Moderate Buy" and an average target price of C$70.36.

Tourmaline Oil Trading Up 0.4%

The company has a 50 day simple moving average of C$61.72 and a two-hundred day simple moving average of C$63.20. The company has a debt-to-equity ratio of 8.24, a quick ratio of 0.47 and a current ratio of 0.72. The firm has a market cap of C$24.49 billion, a PE ratio of 68.50, a P/E/G ratio of 1.72 and a beta of -0.26.

Tourmaline Oil (TSE:TOU - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$0.47 earnings per share (EPS) 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 during the quarter. Analysts expect that Tourmaline Oil Corp. will post 5.6809091 EPS for the current fiscal year.

Tourmaline Oil Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.00 dividend on an annualized basis and a yield of 3.2%. Tourmaline Oil's dividend payout ratio (DPR) is currently 217.39%.

Insider Buying and Selling at Tourmaline Oil

In other Tourmaline Oil news, insider Mike Rose bought 5,000 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average cost of C$61.87 per share, for a total transaction of C$309,350.00. Following the completion of the transaction, the insider directly owned 8,142,678 shares of the company's stock, valued at approximately C$503,787,487.86. This trade represents a 0.06% increase in their position. Also, Director Jill Terilee Angevine purchased 766 shares of the stock in a transaction on Monday, July 6th. The stock was acquired at an average cost of C$59.00 per share, for a total transaction of C$45,194.00. Following the completion of the acquisition, the director owned 71,766 shares of the company's stock, valued at C$4,234,194. The trade was a 1.08% increase in their position. In the last 90 days, insiders have acquired 29,266 shares of company stock valued at $1,770,174. 5.13% of the stock is currently owned by insiders.

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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