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

Shares of Tourmaline Oil Corp. (TSE:TOU) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$63.31 and traded as high as C$63.90. Tourmaline Oil shares last traded at C$63.20, with a volume of 3,727,823 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TOU shares. ATB Cormark Capital Markets decreased their price target on shares of Tourmaline Oil from C$74.00 to C$73.00 and set an “outperform” rating for the company in a research note on Friday, March 6th. Desjardins lifted their price target on shares of Tourmaline Oil from C$70.00 to C$74.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Raymond James Financial increased their price objective on shares of Tourmaline Oil from C$69.00 to C$72.00 in a research report on Thursday, March 5th. BMO Capital Markets lowered shares of Tourmaline Oil from an “outperform” rating to a “market perform” rating and boosted their target price for the company from C$67.00 to C$70.00 in a research note on Thursday, May 7th. Finally, Canaccord Genuity Group downgraded Tourmaline Oil from a “buy” rating to a “hold” rating and set a C$70.00 target price on the stock. in a research report on Thursday, May 7th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$71.00.

Tourmaline Oil Stock Performance

The company has a current ratio of 0.88, a quick ratio of 0.47 and a debt-to-equity ratio of 7.14. The firm has a 50-day moving average of C$63.95 and a 200-day moving average of C$63.31. The stock has a market capitalization of C$24.54 billion, a price-to-earnings ratio of 34.92, a P/E/G ratio of 1.72 and a beta of -0.24.

Tourmaline Oil (TSE:TOU) last released its quarterly earnings results on Wednesday, May 6th. The company reported C$1.69 EPS for the quarter. Tourmaline Oil had a net margin of 12.79% and a return on equity of 4.40%. The company had revenue of C$1.78 billion for the quarter. As a group, sell-side analysts predict that Tourmaline Oil Corp. will post 5.6809091 earnings per share for the current year.

Tourmaline Oil Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.00 dividend on an annualized basis and a yield of 3.2%. Tourmaline Oil’s payout ratio is 110.50%.

Insiders Place Their Bets

In related news, insider Mike Rose bought 5,000 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were bought at an average price of C$63.96 per share, with a total value of C$319,800.00. Following the completion of the transaction, the insider directly owned 8,095,178 shares of the company’s stock, valued at C$517,767,584.88. This represents a 0.06% increase in their position. Also, insider James William Alexander Heard acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was purchased at an average price of C$59.08 per share, for a total transaction of C$59,080.00. Following the acquisition, the insider directly owned 66,476 shares in the company, valued at approximately C$3,927,402.08. This trade represents a 1.53% increase in their position. Insiders acquired a total of 33,500 shares of company stock valued at $2,139,530 over the last ninety days. Corporate 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.