Tourmaline Oil (TSE:TOU) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Tourmaline Oil Corp. (TSE:TOU) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$61.12 and traded as high as C$66.49. Tourmaline Oil shares last traded at C$66.09, with a volume of 2,752,695 shares trading hands.

Analyst Ratings Changes

A number of brokerages have commented on TOU. Canadian Imperial Bank of Commerce decreased their price objective on Tourmaline Oil from C$71.00 to C$66.00 in a report on Tuesday, January 13th. Jefferies Financial Group decreased their price target on Tourmaline Oil from C$72.00 to C$70.00 in a report on Tuesday, January 20th. Raymond James Financial dropped their price objective on Tourmaline Oil from C$74.00 to C$72.00 in a research note on Thursday, November 6th. Scotiabank cut their price objective on shares of Tourmaline Oil from C$80.00 to C$75.00 and set an “outperform” rating on the stock in a report on Wednesday, January 21st. Finally, Desjardins increased their target price on shares of Tourmaline Oil from C$68.00 to C$70.00 and gave the company a “buy” rating in a report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Tourmaline Oil has a consensus rating of “Buy” and an average price target of C$71.56.

Tourmaline Oil Stock Up 2.9%

The stock has a fifty day moving average of C$61.56 and a 200 day moving average of C$61.12. The company has a debt-to-equity ratio of 10.85, a current ratio of 0.48 and a quick ratio of 0.47. The firm has a market capitalization of C$25.58 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 1.72 and a beta of 0.12.

Tourmaline Oil Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, December 15th. Tourmaline Oil’s payout ratio is 52.86%.

Insiders Place Their Bets

In related news, insider Mike Rose acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was acquired at an average price of C$62.21 per share, for a total transaction of C$622,100.00. Following the completion of the acquisition, the insider owned 8,042,678 shares of the company’s stock, valued at approximately C$500,334,998.38. This represents a 0.12% increase in their position. Insiders own 5.13% of the company’s stock.

About Tourmaline Oil

Tourmaline is Canada’s largest and most active natural gas producer dedicated to producing the lowest-development-cost natural gas in North America. We are an investment grade exploration and production company providing strong and predictable operating and financial performance through the development of our three core areas in the Western Canadian Sedimentary Basin. With our existing large reserve base, decades-long drilling inventory, relentless focus on execution, cost management, safety and environmental performance improvement, we are excited to provide shareholders an excellent return on capital and an attractive source of income through our base dividend and surplus free cash flow distribution strategies.