CIBC Lowers Tourmaline Oil (TSE:TOU) Price Target to C$66.00

Tourmaline Oil (TSE:TOU) had its price target reduced by investment analysts at CIBC from C$71.00 to C$66.00 in a note issued to investors on Tuesday,BayStreet.CA reports. CIBC’s price target suggests a potential upside of 10.81% from the company’s current price.

A number of other brokerages have also issued reports on TOU. Capital One Financial upgraded shares of Tourmaline Oil to a “strong-buy” rating in a research note on Monday, October 27th. The Goldman Sachs Group upgraded Tourmaline Oil to a “strong-buy” rating in a research report on Monday, October 13th. TD Securities lowered shares of Tourmaline Oil from a “buy” rating to a “hold” rating and lowered their price target for the company from C$73.00 to C$68.00 in a research report on Tuesday, September 30th. Scotiabank reduced their price target on Tourmaline Oil from C$85.00 to C$80.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 29th. Finally, Raymond James Financial lowered their price objective on shares of Tourmaline Oil from C$74.00 to C$72.00 in a research note on Thursday, November 6th. Two 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 company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of C$72.13.

Tourmaline Oil Price Performance

Shares of TSE TOU traded up C$0.01 during mid-day trading on Tuesday, reaching C$59.56. The company’s stock had a trading volume of 680,898 shares, compared to its average volume of 2,059,466. Tourmaline Oil has a 1-year low of C$55.40 and a 1-year high of C$70.83. The stock has a market capitalization of C$23.05 billion, a P/E ratio of 17.02, a P/E/G ratio of 1.72 and a beta of -0.03. The company has a debt-to-equity ratio of 10.13, a quick ratio of 0.47 and a current ratio of 1.01. The stock has a 50-day moving average of C$61.67 and a two-hundred day moving average of C$60.91.

Tourmaline Oil (TSE:TOU) last issued its earnings results on Wednesday, November 5th. The company reported C$0.49 earnings per share (EPS) for the quarter. The business had revenue of C$1.40 billion during the quarter. Tourmaline Oil had a return on equity of 11.08% and a net margin of 28.53%. On average, equities research analysts anticipate that Tourmaline Oil will post 5.6809091 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mike Rose acquired 10,000 shares of the stock in a transaction on Friday, November 7th. The stock was bought at an average price of C$59.83 per share, with a total value of C$598,300.00. Following the completion of the transaction, the insider directly owned 8,197,742 shares of the company’s stock, valued at C$490,470,903.86. The trade was a 0.12% increase in their ownership of the stock. 5.13% of the stock is currently owned by corporate insiders.

Tourmaline Oil Company Profile

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.