Tourmaline Oil (TSE:TOU) Stock Crosses Above 200 Day Moving Average on Analyst Downgrade

Key Points

• Tourmaline Oil's stock surpassed its 200-day moving average after ATB Capital raised its price target from C$76.00 to C$77.00, currently trading at C$60.02.
• The company recently announced an increase in its quarterly dividend to $0.50, reflecting a total annualized dividend of $2.00 and a yield of 3.3%.
• Insider purchasing activity has been noted, with notable acquisitions by Mike Rose and Christopher Lee, indicating confidence in the company's future prospects.

Tourmaline Oil Corp. (TSE:TOU - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday after ATB Capital raised their price target on the stock from C$76.00 to C$77.00. The stock has a 200-day moving average of C$62.26 and traded as high as C$62.33. ATB Capital currently has an outperform rating on the stock. Tourmaline Oil shares last traded at C$60.02, with a volume of 3,113,899 shares traded.

Several other equities analysts also recently commented on the stock. UBS Group cut their price target on shares of Tourmaline Oil from C$74.00 to C$71.00 in a report on Thursday, April 17th. TD Securities lowered their price objective on shares of 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. Raymond James Financial cut shares of Tourmaline Oil from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from C$76.00 to C$74.00 in a research report on Thursday, July 31st. Desjardins boosted 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 research report on Tuesday, April 15th. Finally, CIBC lowered their price objective on shares of Tourmaline Oil from C$75.00 to C$74.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of C$74.00.

Insider Buying and Selling

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

Tourmaline Oil Price Performance

The stock's fifty day moving average is C$59.42 and its 200-day moving average is C$62.26. The stock has a market capitalization of C$23.22 billion, a PE ratio of 14.93, a P/E/G ratio of 1.72 and a beta of 0.40. The company has a debt-to-equity ratio of 10.13, a current ratio of 1.01 and a quick ratio of 0.47.

Tourmaline Oil Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.3%. This is a positive change from Tourmaline Oil's previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 15th. Tourmaline Oil's dividend payout ratio (DPR) is 42.29%.

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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