Tourmaline Oil (TSE:TOU) Stock Price Down 4.7% on Analyst Downgrade

Key Points

• Tourmaline Oil Corp. saw its stock price decline by 4.7% following a downgrade by CIBC, which lowered its price target from C$75.00 to C$74.00 while maintaining an outperform rating.
• Other analysts have also revised their price targets; for instance, UBS Group cut its target from C$74.00 to C$71.00, and Raymond James lowered its rating from "outperform" to "market perform."
• The company declared a quarterly dividend of $0.35 per share, yielding 2.4%, with an annualized dividend of $1.40, despite the stock's recent fluctuations.

Tourmaline Oil Corp. (TSE:TOU - Get Free Report) dropped 4.7% during mid-day trading on Thursday after TD Securities lowered their price target on the stock from C$76.00 to C$73.00. TD Securities currently has a buy rating on the stock. Tourmaline Oil traded as low as C$59.25 and last traded at C$59.98. Approximately 1,936,283 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 2,117,288 shares. The stock had previously closed at C$62.93.

A number of other brokerages have also commented on TOU. Royal Bank Of Canada dropped their price target on Tourmaline Oil from C$78.00 to C$75.00 in a research note on Friday. ATB Capital increased their target price on Tourmaline Oil from C$76.00 to C$77.00 and gave the company an "outperform" rating in a research report on Thursday. UBS Group cut their target price on shares of Tourmaline Oil from C$74.00 to C$71.00 in a report on Thursday, April 17th. CIBC reduced their price target on shares of Tourmaline Oil from C$75.00 to C$74.00 and set an "outperform" rating on the stock in a research report on Thursday. Finally, Raymond James Financial cut shares of Tourmaline Oil from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from C$76.00 to C$74.00 in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of C$76.18.

Insider Activity

In other news, Senior Officer Mike Rose acquired 5,000 shares of the firm's stock in a transaction on Monday, July 7th. The stock was acquired at an average price of C$62.92 per share, with a total value of C$314,601.00. Also, Senior Officer William Scott Kirker sold 56,000 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of C$64.94, for a total transaction of C$3,636,561.60. In the last three months, insiders acquired 40,000 shares of company stock valued at $2,547,532. 5.13% of the stock is owned by insiders.

Tourmaline Oil Trading Down 2.3%

The company has a quick ratio of 0.47, a current ratio of 1.01 and a debt-to-equity ratio of 10.13. The firm has a market cap of C$21.47 billion, a P/E ratio of 13.01, a P/E/G ratio of 1.72 and a beta of 1.30. The company's 50 day simple moving average is C$63.55 and its 200-day simple moving average is C$64.57.

Tourmaline Oil Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Friday, August 8th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.4%. Tourmaline Oil's dividend payout ratio is presently 31.61%.

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.