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) gapped up before the market opened 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. Stockholders of record on Tuesday, September 16th will be issued a $0.362 dividend. The ex-dividend date of this dividend is Monday, September 15th. This is a positive change from Tourmaline Oil's previous dividend of $0.25. This represents a dividend yield of 344.0%. Tourmaline Oil's payout ratio is presently 50.00%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. CIBC reaffirmed an "outperform" rating on shares of Tourmaline Oil in a report on Tuesday, June 24th. Raymond James Financial cut shares of Tourmaline Oil from a "moderate buy" rating to a "hold" rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold".

Tourmaline Oil Stock Up 0.2%

The company has a debt-to-equity ratio of 0.08, a current ratio of 0.67 and a quick ratio of 0.67. The firm's 50-day moving average is $43.12 and its 200 day moving average is $44.95. The stock has a market cap of $17.44 billion, a price-to-earnings ratio of 15.66, a price-to-earnings-growth ratio of 0.61 and a beta of -0.33.

Tourmaline Oil (OTCMKTS:TRMLF - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.32. Tourmaline Oil had a net margin of 23.53% and a return on equity of 9.90%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.84 billion. Sell-side analysts anticipate that Tourmaline Oil Corp. will post 2.52 earnings per share for the current fiscal year.

Tourmaline Oil Company Profile

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.