Scotiabank Upgrades Tourmaline Oil (TSE:TOU) to Strong-Buy

Tourmaline Oil (TSE:TOU) was upgraded by investment analysts at Scotiabank to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group reduced their price target on Tourmaline Oil from C$72.00 to C$70.00 in a research report on Tuesday, January 20th. Desjardins raised their price objective on Tourmaline Oil from C$70.00 to C$74.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Royal Bank Of Canada dropped their target price on Tourmaline Oil from C$76.00 to C$72.00 and set an “outperform” rating on the stock in a research note on Friday, March 6th. Raymond James Financial increased their price target on Tourmaline Oil from C$69.00 to C$72.00 in a research note on Thursday, March 5th. Finally, Canadian Imperial Bank of Commerce lowered their price target on Tourmaline Oil from C$71.00 to C$66.00 in a report on Tuesday, January 13th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of C$71.22.

Tourmaline Oil Stock Up 0.8%

TSE:TOU opened at C$64.32 on Wednesday. The company’s 50-day simple moving average is C$64.28 and its 200-day simple moving average is C$62.35. The company has a debt-to-equity ratio of 12.25, a quick ratio of 0.47 and a current ratio of 0.83. Tourmaline Oil has a fifty-two week low of C$55.40 and a fifty-two week high of C$70.57. The stock has a market capitalization of C$24.90 billion, a P/E ratio of 94.59, a P/E/G ratio of 1.72 and a beta of 0.00.

Tourmaline Oil (TSE:TOU) last posted its quarterly earnings data on Wednesday, March 4th. The company reported C($1.72) EPS for the quarter. Tourmaline Oil had a return on equity of 1.65% and a net margin of 5.03%.The firm had revenue of C$1.66 billion for the quarter. On average, equities analysts anticipate that Tourmaline Oil will post 5.6809091 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mike Rose acquired 2,500 shares of the business’s stock in a transaction dated Wednesday, March 25th. The shares were acquired at an average cost of C$68.50 per share, with a total value of C$171,250.00. Following the completion of the acquisition, the insider owned 8,060,178 shares of the company’s stock, valued at approximately C$552,122,193. This trade represents a 0.03% increase in their ownership of the stock. In the last quarter, insiders bought 15,000 shares of company stock worth $940,150. 5.13% of the stock is currently owned by insiders.

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.