The Goldman Sachs Group upgraded shares of Tourmaline Oil (TSE:TOU – Free Report) to a strong-buy rating in a research note released on Monday,Zacks.com reports.
Other research analysts have also issued research reports about the company. Raymond James Financial lowered Tourmaline Oil from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from C$76.00 to C$74.00 in a research report on Thursday, July 31st. ATB Capital increased their target price on Tourmaline Oil from C$76.00 to C$77.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Royal Bank Of Canada decreased their target price on Tourmaline Oil from C$78.00 to C$75.00 in a research report on Friday, August 1st. CIBC decreased their target price on 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. Finally, TD Securities lowered Tourmaline Oil from a “buy” rating to a “hold” rating and decreased their target price for the stock from C$73.00 to C$68.00 in a research report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of C$73.70.
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Tourmaline Oil Price Performance
Tourmaline Oil Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 15th. This is an increase from Tourmaline Oil’s previous quarterly dividend of $0.35. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.3%. Tourmaline Oil’s dividend payout ratio is currently 42.29%.
Insiders Place Their Bets
In other Tourmaline Oil news, insider Mike Rose purchased 10,000 shares of the stock in a transaction dated Friday, October 10th. The shares were purchased at an average cost of C$60.42 per share, with a total value of C$604,200.00. Following the completion of the acquisition, the insider directly owned 8,187,742 shares in the company, valued at C$494,703,371.64. This trade represents a 0.12% increase in their position. Also, Director Christopher Lee purchased 17,000 shares of the stock in a transaction dated Wednesday, August 27th. The shares were acquired at an average cost of C$58.30 per share, for a total transaction of C$991,045.60. Following the completion of the acquisition, the director owned 17,000 shares of the company’s stock, valued at approximately C$991,045.60. This represents a ∞ increase in their ownership of the stock. Over the last ninety days, insiders have bought 37,305 shares of company stock worth $2,210,556. Corporate insiders own 5.13% of the company’s stock.
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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