CIBC Issues Pessimistic Forecast for Tourmaline Oil (TSE:TOU) Stock Price

Tourmaline Oil (TSE:TOU) had its price target lowered by analysts at CIBC from C$74.00 to C$71.00 in a research note issued on Wednesday,BayStreet.CA reports. CIBC’s target price would suggest a potential upside of 19.71% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. ATB Capital lifted 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, July 31st. TD Securities downgraded shares of Tourmaline Oil from a “buy” rating to a “hold” rating and reduced their price objective for the stock from C$73.00 to C$68.00 in a research note on Tuesday, September 30th. The Goldman Sachs Group raised Tourmaline Oil to a “strong-buy” rating in a research report on Monday. Raymond James Financial cut Tourmaline Oil from an “outperform” rating to a “market perform” rating and reduced their price target for the company from C$76.00 to C$74.00 in a research report on Thursday, July 31st. Finally, Royal Bank Of Canada decreased their price target on Tourmaline Oil from C$78.00 to C$75.00 in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Tourmaline Oil currently has a consensus rating of “Moderate Buy” and a consensus price target of C$73.70.

Tourmaline Oil Stock Down 1.8%

Shares of Tourmaline Oil stock opened at C$59.31 on Wednesday. The business has a 50-day moving average of C$59.55 and a two-hundred day moving average of C$61.69. Tourmaline Oil has a 1 year low of C$55.40 and a 1 year high of C$70.83. 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 company has a market capitalization of C$22.94 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.72 and a beta of 0.35.

Insiders Place Their Bets

In related news, Director Christopher Lee bought 17,000 shares of Tourmaline Oil stock in a transaction that occurred on Wednesday, August 27th. The stock was acquired at an average price of C$58.30 per share, with a total value of C$991,045.60. Following 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 position. Also, insider Mike Rose purchased 10,000 shares of the stock in a transaction on Friday, October 10th. The stock was bought at an average cost of C$60.42 per share, for a total transaction of C$604,200.00. Following the completion of the acquisition, the insider owned 8,187,742 shares in the company, valued at approximately C$494,703,371.64. This trade represents a 0.12% increase in their ownership of the stock. Over the last ninety days, insiders have acquired 37,305 shares of company stock valued at $2,210,556. Company insiders own 5.13% of the company’s stock.

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.