Tourmaline Oil (TSE:TOU) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Tourmaline Oil Corp. (TSE:TOU)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$62.42 and traded as high as C$67.75. Tourmaline Oil shares last traded at C$66.79, with a volume of 2,047,307 shares trading hands.

Wall Street Analysts Forecast Growth

TOU has been the subject of several recent analyst reports. TD Securities reduced their target price on shares of Tourmaline Oil from C$77.00 to C$75.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Cormark raised shares of Tourmaline Oil to a “hold” rating in a research report on Monday, September 23rd. National Bankshares lifted their target price on shares of Tourmaline Oil from C$72.50 to C$75.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. UBS Group upped their target price on Tourmaline Oil from C$70.00 to C$73.00 in a report on Monday, December 9th. Finally, Jefferies Financial Group lifted their price target on Tourmaline Oil from C$73.00 to C$76.00 in a report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$78.42.

Tourmaline Oil Trading Down 0.9 %

The firm has a fifty day moving average of C$64.18 and a two-hundred day moving average of C$62.42. The company has a market cap of C$24.79 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 0.47 and a debt-to-equity ratio of 10.24.

Tourmaline Oil (TSE:TOU) last posted its quarterly earnings results on Wednesday, November 6th. The company reported C$1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of C$1.26 by C($0.26). The business had revenue of C$1.47 billion during the quarter, compared to the consensus estimate of C$1.63 billion. Tourmaline Oil had a net margin of 30.75% and a return on equity of 10.86%. As a group, sell-side analysts predict that Tourmaline Oil Corp. will post 5.6809091 EPS for the current year.

Tourmaline Oil Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Monday, December 16th. This is a positive change from Tourmaline Oil’s previous quarterly dividend of $0.32. Tourmaline Oil’s payout ratio is presently 33.18%.

Insider Transactions at Tourmaline Oil

In other news, Senior Officer Mike Rose purchased 2,500 shares of Tourmaline Oil stock in a transaction dated Tuesday, October 15th. The stock was purchased at an average cost of C$63.32 per share, for a total transaction of C$158,310.00. Over the last ninety days, insiders have bought 12,500 shares of company stock valued at $786,318. 5.13% of the stock is currently owned by corporate insiders.

About Tourmaline Oil

Tourmaline Oil Corp. explores for and develops oil and natural gas properties in the Western Canadian Sedimentary Basin. The company holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex. Tourmaline Oil Corp.