Tourmaline Oil Corp. (TSE:TOU) Plans Dividend Increase – $0.32 Per Share

Tourmaline Oil Corp. (TSE:TOU) declared a quarterly dividend on Wednesday, May 8th, TickerTech reports. Investors of record on Thursday, May 16th will be given a dividend of 0.32 per share on Thursday, May 16th. This represents a $1.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Wednesday, May 8th. This is a positive change from Tourmaline Oil’s previous quarterly dividend of $0.30.

Tourmaline Oil Price Performance

Tourmaline Oil stock opened at C$64.78 on Monday. The business has a 50 day simple moving average of C$63.47 and a 200-day simple moving average of C$62.88. Tourmaline Oil has a 12 month low of C$53.45 and a 12 month high of C$74.21. The company has a debt-to-equity ratio of 9.61, a current ratio of 0.89 and a quick ratio of 0.47. The stock has a market capitalization of C$22.78 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.72 and a beta of 1.41.

Tourmaline Oil (TSE:TOU) last released its earnings results on Wednesday, March 6th. The company reported C$2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.41 by C$0.59. The company had revenue of C$1.66 billion for the quarter, compared to analysts’ expectations of C$1.49 billion. Tourmaline Oil had a return on equity of 12.72% and a net margin of 35.78%. Equities analysts predict that Tourmaline Oil will post 4.7492669 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TOU shares. National Bankshares cut their price target on Tourmaline Oil from C$80.00 to C$70.00 and set an “outperform” rating for the company in a report on Wednesday, January 10th. ATB Capital reduced their target price on shares of Tourmaline Oil from C$85.00 to C$80.00 and set an “outperform” rating on the stock in a report on Wednesday, March 20th. TD Securities lowered their price target on shares of Tourmaline Oil from C$75.00 to C$72.00 and set a “buy” rating for the company in a report on Thursday, March 7th. Scotiabank cut their price target on Tourmaline Oil from C$100.00 to C$90.00 and set an “outperform” rating for the company in a report on Tuesday, January 16th. Finally, CIBC lifted their price objective on Tourmaline Oil from C$77.50 to C$80.00 and gave the company an “outperform” rating in a research report on Thursday. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of C$78.38.

Insiders Place Their Bets

In other Tourmaline Oil news, Senior Officer Mike Rose bought 5,000 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were bought at an average cost of C$64.65 per share, with a total value of C$323,258.00. Insiders have bought a total of 12,630 shares of company stock valued at $790,110 in the last quarter. Insiders own 5.19% of the company’s stock.

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.