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

Shares of Tourmaline Oil Corp. (TSE:TOU) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$60.71 and traded as high as C$61.89. Tourmaline Oil shares last traded at C$60.91, with a volume of 5,651,240 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TOU. Scotiabank dropped their target price on 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. Jefferies Financial Group dropped their price objective on shares of Tourmaline Oil from C$72.00 to C$70.00 in a report on Tuesday, January 20th. Capital One Financial raised shares of Tourmaline Oil to a “strong-buy” rating in a research note on Monday, October 27th. Raymond James Financial decreased their target price on shares of Tourmaline Oil from C$74.00 to C$72.00 in a report on Thursday, November 6th. Finally, Desjardins raised their price target on shares of Tourmaline Oil from C$68.00 to C$70.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of C$71.56.

Tourmaline Oil Price Performance

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 market cap of C$23.57 billion, a PE ratio of 17.40, a PEG ratio of 1.72 and a beta of 0.12. The stock’s 50-day moving average is C$61.51 and its two-hundred day moving average is C$60.71.

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

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 paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.00 annualized dividend and a yield of 3.3%. Tourmaline Oil’s dividend payout ratio is presently 52.86%.

Insider Buying and Selling

In other news, insider Mike Rose bought 2,500 shares of the company’s stock in a transaction on Wednesday, January 14th. The stock was bought at an average cost of C$58.72 per share, with a total value of C$146,800.00. Following the transaction, the insider directly owned 8,032,678 shares in the company, valued at C$471,678,852.16. The trade was a 0.03% 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.