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

Tourmaline Oil Corp. (TSE:TOU) shares 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.

A number of other research analysts have also weighed in on TOU. UBS Group reduced their target price on Tourmaline Oil from C$74.00 to C$71.00 in a report on Thursday, April 17th. Raymond James Financial cut shares of Tourmaline Oil from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from C$76.00 to C$74.00 in a research note on Thursday, July 31st. CIBC reduced 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 note on Thursday, July 31st. Desjardins boosted their price target 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, TD Securities reduced their price target 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. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$74.00.

Insiders Place Their Bets

In other Tourmaline Oil news, insider Mike Rose purchased 5,000 shares of the company’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 purchase, the insider directly owned 8,162,742 shares of the company’s stock, valued at 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 company’s stock in a transaction that occurred on Wednesday, August 27th. The stock was acquired at an average cost of C$58.30 per share, with a total value of C$991,045.60. Following the purchase, the director directly owned 17,000 shares of the company’s stock, valued at C$991,045.60. This trade represents a ∞ increase in their ownership of the stock. Insiders purchased 37,305 shares of company stock valued at $2,239,917 in the last ninety days. 5.13% of the stock is currently owned by insiders.

Tourmaline Oil Price Performance

The company has a debt-to-equity ratio of 10.13, a current ratio of 1.01 and a quick ratio of 0.47. The firm has a market cap of C$23.22 billion, a PE ratio of 14.93, a price-to-earnings-growth ratio of 1.72 and a beta of 0.40. The firm has a 50-day simple moving average of C$59.42 and a 200 day simple moving average of C$62.26.

Tourmaline Oil Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 29th were given a dividend of $0.50 per share. This is an increase from Tourmaline Oil’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.00 dividend on an annualized basis and a yield of 3.3%. Tourmaline Oil’s dividend payout ratio 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.