Tourmaline Oil (TSE:TOU) Lowered to "Market Perform" Rating by Raymond James Financial

Key Points

• Raymond James Financial downgraded Tourmaline Oil from an "outperform" rating to a "market perform" rating, lowering the price target to C$74.00 from C$76.00.
• The stock dropped 6.4% on Thursday, trading at C$58.92, with a trading volume significantly above its average.
• Despite recent downgrades, Tourmaline Oil maintains an average rating of "Moderate Buy" with two hold ratings and seven buy ratings from analysts.

Tourmaline Oil (TSE:TOU - Get Free Report) was downgraded by equities research analysts at Raymond James Financial from an "outperform" rating to a "market perform" rating in a note issued to investors on Thursday, July 31st, MarketBeat.com reports. They presently have a C$74.00 price target on the stock, down from their previous price target of C$76.00. Raymond James Financial's target price points to a potential upside of 27.10% from the company's previous close.

A number of other analysts have also recently weighed in on the company. Desjardins boosted their price target on Tourmaline Oil from C$74.00 to C$76.00 and gave the stock a "hold" rating in a research report on Tuesday, April 15th. CIBC cut their price objective on Tourmaline Oil from C$77.50 to C$75.00 in a research report on Friday, July 11th. UBS Group cut their price objective on Tourmaline Oil from C$74.00 to C$71.00 in a research report on Thursday, April 17th. Finally, TD Securities cut their price objective on Tourmaline Oil from C$77.00 to C$75.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of C$76.18.

Tourmaline Oil Stock Up 0.4%

Shares of TSE:TOU traded up C$0.22 on Thursday, reaching C$58.22. The company had a trading volume of 2,560,438 shares, compared to its average volume of 2,273,538. Tourmaline Oil has a twelve month low of C$55.40 and a twelve month high of C$70.83. The stock has a 50-day moving average price of C$63.19 and a 200 day moving average price of C$64.41. The stock has a market capitalization of C$21.70 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.72 and a beta of 1.30. The company has a quick ratio of 0.47, a current ratio of 1.01 and a debt-to-equity ratio of 10.13.

Insider Activity at Tourmaline Oil

In other news, Senior Officer William Scott Kirker sold 56,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of C$64.94, for a total value of C$3,636,561.60. Also, Senior Officer Mike Rose acquired 5,000 shares of the stock in a transaction dated Monday, May 12th. The stock was bought at an average price of C$62.98 per share, for a total transaction of C$314,917.00. In the last ninety days, insiders acquired 45,305 shares of company stock valued at $2,856,914. Insiders own 5.13% of the company's stock.

Tourmaline Oil Company Profile

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.