Tourmaline Oil (TSE:TOU – Get Free Report) received a C$68.00 price objective from research analysts at Desjardins in a report released on Friday,BayStreet.CA reports. The brokerage currently has a “hold” rating on the stock. Desjardins’ price objective points to a potential upside of 9.50% from the stock’s current price.
A number of other brokerages also recently commented on TOU. Scotiabank upgraded shares of Tourmaline Oil to a “strong-buy” rating in a research report on Friday, June 26th. BMO Capital Markets downgraded Tourmaline Oil from an “outperform” rating to a “market perform” rating and increased their target price for the stock from C$67.00 to C$70.00 in a research note on Thursday, May 7th. Finally, Canaccord Genuity Group cut Tourmaline Oil from a “buy” rating to a “hold” rating and set a C$70.00 price target for the company. in a report on Thursday, May 7th. Three analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Tourmaline Oil has a consensus rating of “Moderate Buy” and an average price target of C$70.40.
Tourmaline Oil Stock Performance
Tourmaline Oil (TSE:TOU – Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported C$1.69 earnings per share for the quarter. Tourmaline Oil had a net margin of 12.79% and a return on equity of 4.40%. The business had revenue of C$1.78 billion for the quarter. Analysts predict that Tourmaline Oil will post 5.6809091 EPS for the current fiscal year.
Insider Transactions at Tourmaline Oil
In other news, insider Mike Rose bought 2,500 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were bought at an average cost of C$59.84 per share, for a total transaction of C$149,600.00. Following the completion of the transaction, the insider owned 8,115,178 shares in the company, valued at C$485,612,251.52. This trade represents a 0.03% increase in their ownership of the stock. Also, insider Earl Henry Mckinnon sold 4,700 shares of the company’s stock in a transaction on Friday, July 3rd. The shares were sold at an average price of C$60.35, for a total value of C$283,645.00. Following the completion of the sale, the insider directly owned 132,280 shares in the company, valued at C$7,983,098. This trade represents a 3.43% decrease in their position. Insiders have purchased a total of 44,266 shares of company stock valued at $2,760,824 in the last three months. 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.
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