Tourmaline Oil (OTCMKTS:TRMLF) Shares Gap Up After Dividend Announcement

Key Points

• Tourmaline Oil Corp. shares gapped up from $43.00 to $45.55 following the announcement of a dividend of $0.362 per share, representing a yield of 344.0% and an increase from the previous dividend of $0.25.
• Wall Street analysts have varying ratings for Tourmaline Oil, with a current average rating of "Hold", including one Strong Buy and one Sell rating among other recommendations.
• The company reported earnings of $0.98 per share, exceeding analysts' expectations of $0.66, but fell short of revenue estimates with $1.11 billion compared to an expected $1.84 billion.

Tourmaline Oil Corp. (OTCMKTS:TRMLF - Get Free Report) shares gapped up prior to trading on Friday after the company announced a dividend. The stock had previously closed at $43.00, but opened at $45.55. Tourmaline Oil shares last traded at $43.29, with a volume of 9,816 shares trading hands. The newly announced dividend which will be paid on Monday, September 29th. Investors of record on Tuesday, September 16th will be given a dividend of $0.362 per share. This represents a yield of 344.0%. This is a positive change from Tourmaline Oil's previous dividend of $0.25. The ex-dividend date of this dividend is Monday, September 15th. Tourmaline Oil's dividend payout ratio (DPR) is currently 50.69%.

Wall Street Analysts Forecast Growth

TRMLF has been the subject of several research analyst reports. CIBC reaffirmed an "outperform" rating on shares of Tourmaline Oil in a research report on Tuesday, June 24th. Raymond James Financial lowered shares of Tourmaline Oil from a "moderate buy" rating to a "hold" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold".

Tourmaline Oil Stock Performance

The stock's fifty day moving average is $43.26 and its two-hundred day moving average is $45.02. The firm has a market capitalization of $16.76 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 0.60 and a beta of -0.33. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.67 and a current ratio of 0.67.

Tourmaline Oil (OTCMKTS:TRMLF - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.32. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.84 billion. Tourmaline Oil had a net margin of 23.53% and a return on equity of 9.90%. Analysts forecast that Tourmaline Oil Corp. will post 2.52 earnings per share for the current year.

About Tourmaline Oil

Tourmaline Oil Corp. explores for and develops oil and natural gas properties in the Western Canadian Sedimentary Basin. The company holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex. Tourmaline Oil Corp.

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