Tourmaline Oil (TSE:TOU) Hits New 1-Year High After Dividend Announcement

Tourmaline Oil Corp. (TSE:TOUGet Rating)’s share price hit a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as C$82.13 and last traded at C$81.94, with a volume of 95177 shares trading hands. The stock had previously closed at C$80.32.

The newly announced dividend which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 29th will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Wednesday, September 14th. Tourmaline Oil’s payout ratio is 10.69%.

Wall Street Analyst Weigh In

Several research firms have weighed in on TOU. CIBC increased their target price on shares of Tourmaline Oil from C$90.00 to C$100.00 in a report on Monday, August 22nd. ATB Capital upped their target price on shares of Tourmaline Oil from C$85.00 to C$90.00 in a research note on Friday, July 29th. Raymond James lifted their price target on Tourmaline Oil from C$85.00 to C$90.00 and gave the company a “strong-buy” rating in a research note on Tuesday, July 5th. Scotiabank increased their target price on shares of Tourmaline Oil from C$98.00 to C$106.00 in a report on Thursday, July 14th. Finally, TD Securities upgraded shares of Tourmaline Oil from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$80.00 to C$96.00 in a research note on Thursday, June 30th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of C$77.00.

Tourmaline Oil Price Performance

The company has a quick ratio of 0.58, a current ratio of 0.62 and a debt-to-equity ratio of 3.99. The company’s 50 day moving average is C$74.68 and its 200 day moving average is C$68.00. The firm has a market capitalization of C$28.28 billion and a price-to-earnings ratio of 11.61.

Tourmaline Oil (TSE:TOUGet Rating) last released its earnings results on Wednesday, July 27th. The company reported C$2.40 earnings per share for the quarter, missing analysts’ consensus estimates of C$2.83 by C($0.43). The firm had revenue of C$1.82 billion during the quarter. On average, equities research analysts anticipate that Tourmaline Oil Corp. will post 12.9140057 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Senior Officer Mike Rose acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The shares were acquired at an average cost of C$62.66 per share, with a total value of C$313,314.00. Following the completion of the purchase, the insider now directly owns 8,784,973 shares of the company’s stock, valued at approximately C$550,491,006.10. In related news, Director Jill Terilee Angevine purchased 1,400 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The shares were bought at an average cost of C$65.72 per share, with a total value of C$92,005.06. Following the acquisition, the director now owns 44,500 shares of the company’s stock, valued at approximately C$2,924,446.55. Also, Senior Officer Mike Rose acquired 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 23rd. The stock was bought at an average cost of C$62.66 per share, with a total value of C$313,314.00. Following the purchase, the insider now owns 8,784,973 shares in the company, valued at C$550,491,006.10. Insiders bought 21,825 shares of company stock valued at $1,520,210 over the last quarter.

Tourmaline Oil Company Profile

(Get Rating)

Tourmaline Oil Corp. acquires, explores for, develops, and produces oil and natural gas properties in the Western Canadian Sedimentary Basin. It holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex. The company was incorporated in 2008 and is headquartered in Calgary, Canada.

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