TD Securities Downgrades Tourmaline Oil (TSE:TOU) to Hold

Key Points

• TD Securities has downgraded Tourmaline Oil from a "buy" rating to a "hold" rating, with a new price target of C$68.00, lowered from C$73.00.
• Tourmaline Oil's stock price dropped by 4.0% to C$60.20 during trading hours, with a market cap of C$23.29 billion.
• Insider purchases indicate confidence in the company, with Director Christopher Lee acquiring 17,000 shares valued at approximately C$991,045 recently.

Tourmaline Oil (TSE:TOU - Get Free Report) was downgraded by equities researchers at TD Securities from a "buy" rating to a "hold" rating in a report issued on Tuesday,BayStreet.CA reports. They currently have a C$68.00 price objective on the stock, down from their prior price objective of C$73.00. TD Securities' price objective suggests a potential upside of 12.96% from the stock's current price.

TOU has been the topic of several other reports. Royal Bank Of Canada dropped their price target on Tourmaline Oil from C$78.00 to C$75.00 in a research report on Friday, August 1st. CIBC dropped their price target on Tourmaline Oil from C$75.00 to C$74.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. Raymond James Financial lowered Tourmaline Oil from an "outperform" rating to a "market perform" rating and dropped their price target for the company from C$76.00 to C$74.00 in a research report on Thursday, July 31st. Finally, ATB Capital upped their price target on Tourmaline Oil from C$76.00 to C$77.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of C$74.00.

Tourmaline Oil Stock Down 4.0%

TSE:TOU traded down C$2.54 during trading hours on Tuesday, hitting C$60.20. 1,727,485 shares of the company's stock traded hands, compared to its average volume of 2,433,763. The firm has a market cap of C$23.29 billion, a P/E ratio of 14.98, a P/E/G ratio of 1.72 and a beta of 0.40. Tourmaline Oil has a twelve month low of C$55.40 and a twelve month high of C$70.83. The company has a debt-to-equity ratio of 10.13, a quick ratio of 0.47 and a current ratio of 1.01. The stock's fifty day moving average price is C$59.42 and its two-hundred day moving average price is C$62.28.

Insider Activity

In related news, Director Christopher Lee purchased 17,000 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was bought at an average price of C$58.30 per share, for a total transaction of C$991,045.60. Following the purchase, the director owned 17,000 shares in the company, valued at C$991,045.60. The trade was a ∞ increase in their position. Also, insider Mike Rose bought 5,000 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The shares were acquired at an average price of C$61.19 per share, with a total value of C$305,928.00. Following the purchase, the insider owned 8,162,742 shares in the company, valued at C$499,442,266.92. This trade represents a 0.06% increase in their ownership of the stock. In the last quarter, insiders have bought 37,305 shares of company stock valued at $2,239,917. 5.13% of the stock is currently owned by corporate insiders.

About Tourmaline Oil

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.

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