Tourmaline Oil (TSE:TOU) Downgraded by Raymond James Financial to Market Perform

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 research analysts at Raymond James Financial from an "outperform" rating to a "market perform" rating in a research note issued to investors on Thursday,BayStreet.CA 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 price target would indicate a potential upside of 25.59% from the stock's current price.

A number of other brokerages have also recently issued reports on TOU. TD Securities cut their target price on Tourmaline Oil from C$77.00 to C$75.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. UBS Group lowered their price objective on shares of Tourmaline Oil from C$74.00 to C$71.00 in a report on Thursday, April 17th. Desjardins lifted their price objective on shares of Tourmaline Oil from C$74.00 to C$76.00 and gave the company a "hold" rating in a report on Tuesday, April 15th. Finally, CIBC decreased their target price on shares of Tourmaline Oil from C$77.50 to C$75.00 in a research report on Friday, July 11th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Tourmaline Oil currently has an average rating of "Moderate Buy" and an average target price of C$76.50.

Tourmaline Oil Stock Down 6.4%

TSE:TOU traded down C$4.01 on Thursday, hitting C$58.92. The stock had a trading volume of 4,072,020 shares, compared to its average volume of 2,133,175. The company has a quick ratio of 0.47, a current ratio of 1.01 and a debt-to-equity ratio of 10.13. Tourmaline Oil has a 52 week low of C$55.27 and a 52 week high of C$70.83. The business's fifty day moving average is C$63.77 and its 200 day moving average is C$64.74. The company has a market cap of C$21.96 billion, a PE ratio of 13.30, a P/E/G ratio of 1.72 and a beta of 1.30.

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 purchased 5,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average cost of C$62.98 per share, with a total value of C$314,917.00. In the last three months, insiders have acquired 40,000 shares of company stock worth $2,547,532. 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.

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