Tourmaline Oil (TSE:TOU) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Tourmaline Oil Corp. (TSE:TOU)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$60.87 and traded as high as C$63.88. Tourmaline Oil shares last traded at C$62.74, with a volume of 1,313,481 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TOU. Scotiabank decreased their price objective on shares of Tourmaline Oil from C$80.00 to C$75.00 and set an “outperform” rating for the company in a report on Wednesday, January 21st. Raymond James Financial reduced their price target on Tourmaline Oil from C$74.00 to C$72.00 in a research report on Thursday, November 6th. Capital One Financial raised shares of Tourmaline Oil to a “strong-buy” rating in a research report on Monday, October 27th. Canadian Imperial Bank of Commerce lowered their target price on shares of Tourmaline Oil from C$71.00 to C$66.00 in a research note on Tuesday, January 13th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Tourmaline Oil presently has an average rating of “Buy” and an average target price of C$71.56.

Tourmaline Oil Trading Down 0.4%

The stock has a market cap of C$24.28 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 1.72 and a beta of 0.12. 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’s fifty day moving average price is C$61.18 and its 200-day moving average price is C$60.87.

Tourmaline Oil Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, December 15th. Tourmaline Oil’s dividend payout ratio is presently 52.86%.

Insider Transactions at Tourmaline Oil

In other news, insider Mike Rose purchased 10,000 shares of the stock in a transaction on Monday, February 2nd. The stock was bought at an average price of C$62.21 per share, with a total value of C$622,100.00. Following the transaction, the insider owned 8,042,678 shares in the company, valued at C$500,334,998.38. The trade was a 0.12% increase in their position. 5.13% of the stock is owned by company 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.