Tourmaline Oil (TSE:TOU) Trading Down 4.7% After 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)'s stock price was down 4.7% during mid-day trading on Thursday after CIBC lowered their price target on the stock from C$75.00 to C$74.00. CIBC currently has an outperform 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 research analysts also recently issued reports on TOU. UBS Group cut their price target on Tourmaline Oil from C$74.00 to C$71.00 in a report on Thursday, April 17th. Desjardins upped their price target on Tourmaline Oil from C$74.00 to C$76.00 and gave the stock a "hold" rating in a report on Tuesday, April 15th. Raymond James Financial cut Tourmaline Oil from an "outperform" rating to a "market perform" rating and reduced their target price for the company from C$76.00 to C$74.00 in a report on Thursday. Finally, TD Securities reduced their target price on Tourmaline Oil from C$77.00 to C$75.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Tourmaline Oil presently has a consensus rating of "Moderate Buy" and a consensus price target of C$76.50.

Insider Transactions at Tourmaline Oil

In related news, Senior Officer Mike Rose purchased 5,000 shares of the company's stock in a transaction that occurred on Monday, July 7th. The shares were purchased at an average price of C$62.92 per share, for a total transaction of C$314,601.00. Also, Senior Officer William Scott Kirker sold 56,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of C$64.94, for a total value of C$3,636,561.60. Insiders have bought 40,000 shares of company stock worth $2,547,532 in the last quarter. Insiders own 5.13% of the company's stock.

Tourmaline Oil Price Performance

The company has a 50 day moving average price of C$63.77 and a 200 day moving average price of C$64.74. The firm has a market cap of C$21.98 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. The company has a current ratio of 1.01, a quick ratio of 0.47 and a debt-to-equity ratio of 10.13.

Tourmaline Oil Cuts Dividend

The company 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 (DPR) is 31.61%.

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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