Tourmaline Oil (TSE:TOU) Downgraded to Market Perform Rating by BMO Capital Markets

Tourmaline Oil (TSE:TOU) was downgraded by investment analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday,BayStreet.CA reports. They currently have a C$70.00 price objective on the stock, up from their prior price objective of C$67.00. BMO Capital Markets’ price objective suggests a potential upside of 8.86% from the stock’s current price.

A number of other equities analysts have also recently commented on TOU. Jefferies Financial Group lowered their target price on Tourmaline Oil from C$72.00 to C$70.00 in a report on Tuesday, January 20th. Raymond James Financial raised their price target on shares of Tourmaline Oil from C$69.00 to C$72.00 in a research report on Thursday, March 5th. ATB Cormark Capital Markets reduced their price objective on Tourmaline Oil from C$74.00 to C$73.00 and set an “outperform” rating on the stock in a research note on Friday, March 6th. Royal Bank Of Canada decreased their target price on Tourmaline Oil from C$76.00 to C$72.00 and set an “outperform” rating for the company in a report on Friday, March 6th. Finally, Canadian Imperial Bank of Commerce reduced their price target on Tourmaline Oil from C$71.00 to C$66.00 in a research report on Tuesday, January 13th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Tourmaline Oil presently has an average rating of “Moderate Buy” and an average price target of C$71.00.

Tourmaline Oil Trading Down 3.8%

Shares of TOU stock traded down C$2.55 during trading hours on Thursday, hitting C$64.30. The company had a trading volume of 2,744,542 shares, compared to its average volume of 2,768,481. The company has a debt-to-equity ratio of 12.25, a current ratio of 0.83 and a quick ratio of 0.47. The stock has a market capitalization of C$24.97 billion, a PE ratio of 94.56, a price-to-earnings-growth ratio of 1.72 and a beta of -0.12. The company’s fifty day moving average is C$64.29 and its 200 day moving average is C$62.54. Tourmaline Oil has a fifty-two week low of C$56.72 and a fifty-two week high of C$70.57.

Tourmaline Oil (TSE:TOU) last posted its earnings results on Wednesday, May 6th. The company reported C$1.69 earnings per share for the quarter. Tourmaline Oil had a net margin of 5.03% and a return on equity of 1.65%. The firm had revenue of C$1.78 billion during the quarter. Research analysts expect that Tourmaline Oil will post 5.6809091 earnings per share for the current fiscal year.

Insider Activity

In other Tourmaline Oil news, insider Mike Rose purchased 5,000 shares of the stock in a transaction that occurred on Friday, April 24th. The stock was purchased at an average cost of C$59.45 per share, with a total value of C$297,250.00. Following the completion of the acquisition, the insider directly owned 1,500,000 shares of the company’s stock, valued at C$89,175,000. This trade represents a 0.33% increase in their position. Also, insider James William Alexander Heard purchased 1,000 shares of the company’s stock in a transaction on Friday, April 17th. The stock was bought at an average price of C$59.08 per share, for a total transaction of C$59,080.00. Following the completion of the purchase, the insider directly owned 66,476 shares of the company’s stock, valued at C$3,927,402.08. The trade was a 1.53% increase in their ownership of the stock. Over the last ninety days, insiders have bought 8,500 shares of company stock valued at $527,580. 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.