Tourmaline Oil (OTCMKTS:TRMLF) Shares Gap Up – Here’s What Happened

Tourmaline Oil Corp. (OTCMKTS:TRMLF) gapped up before the market opened on Thursday . The stock had previously closed at $42.60, but opened at $44.00. Tourmaline Oil shares last traded at $43.58, with a volume of 2,381 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Zacks Research raised shares of Tourmaline Oil from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 25th. Scotiabank reissued an “outperform” rating on shares of Tourmaline Oil in a report on Friday, July 17th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Tourmaline Oil in a research note on Friday, July 10th. Finally, Desjardins upgraded Tourmaline Oil to a “hold” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.00.

Tourmaline Oil Stock Performance

The firm’s 50-day simple moving average is $44.39 and its two-hundred day simple moving average is $45.39. The stock has a market capitalization of $16.89 billion, a PE ratio of 60.35 and a beta of -0.24. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.04.

Institutional Trading of Tourmaline Oil

A hedge fund recently bought a new stake in Tourmaline Oil stock. Kahn Brothers Group Inc. acquired a new position in shares of Tourmaline Oil Corp. (OTCMKTS:TRMLF) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,959 shares of the company’s stock, valued at approximately $1,127,000. 1.76% of the stock is currently owned by hedge funds and other institutional investors.

About Tourmaline Oil

Tourmaline Oil Corp. is a Canadian energy company engaged in the exploration, development, production and marketing of natural gas, natural gas liquids and crude oil. The company focuses primarily on unconventional resource plays and operates an integrated portfolio of drilling, processing and infrastructure assets.

Tourmaline’s operations are concentrated in the Western Canadian Sedimentary Basin, particularly in the Alberta Deep Basin, Northeast British Columbia and the Alberta Montney.