Tourmaline Oil (TSE:TOU) Announces Quarterly Earnings Results

Tourmaline Oil (TSE:TOU) announced its quarterly earnings results on Wednesday. The company reported C$1.64 earnings per share for the quarter, FiscalAI reports. The company had revenue of C$1.47 billion for the quarter. Tourmaline Oil had a net margin of 6.50% and a return on equity of 2.37%.

Tourmaline Oil Trading Down 4.9%

Shares of TSE TOU traded down C$3.28 during midday trading on Wednesday, hitting C$63.00. The company’s stock had a trading volume of 2,558,381 shares, compared to its average volume of 2,611,498. The company has a current ratio of 0.72, a quick ratio of 0.47 and a debt-to-equity ratio of 8.24. The business’s 50 day moving average is C$63.53 and its two-hundred day moving average is C$63.17. Tourmaline Oil has a 12-month low of C$57.95 and a 12-month high of C$70.57. The firm has a market cap of C$24.48 billion, a P/E ratio of 68.48, a price-to-earnings-growth ratio of 1.72 and a beta of -0.09.

Analyst Ratings Changes

A number of equities analysts have commented on TOU shares. The Goldman Sachs Group cut shares of Tourmaline Oil from a “strong-buy” rating to a “strong sell” rating in a research note on Thursday, October 1st. TD boosted their target price on shares of Tourmaline Oil from C$65.00 to C$66.00 and gave the stock a “hold” rating in a report on Wednesday, July 22nd. Jefferies Financial Group upped their target price on shares of Tourmaline Oil from C$72.00 to C$74.00 in a research report on Friday, July 24th. Desjardins set a C$68.00 price target on shares of Tourmaline Oil and gave the company a “hold” rating in a report on Friday, July 17th. Finally, ATB Cormark Capital Markets increased their price target on shares of Tourmaline Oil from C$70.00 to C$75.00 and gave the company an “outperform” rating in a report on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of C$70.80.

Insider Activity

In other Tourmaline Oil news, insider Mike Rose acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The stock was bought at an average price of C$62.06 per share, for a total transaction of C$310,300.00. Following the acquisition, the insider directly owned 8,162,678 shares in the company, valued at C$506,575,796.68. The trade was a 0.06% increase in their ownership of the stock. Over the last three months, insiders purchased 25,000 shares of company stock worth $1,534,050. 5.13% of the stock is currently 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.