Tourmaline Oil (TSE:TOU) Releases Earnings Results

Tourmaline Oil (TSE:TOU) posted its earnings results on Wednesday. The company reported C$0.47 EPS for the quarter, FiscalAI reports. The firm had revenue of C$1.50 billion for the quarter. Tourmaline Oil had a return on equity of 4.40% and a net margin of 12.79%.

Tourmaline Oil Trading Up 2.4%

Tourmaline Oil stock traded up C$1.50 during midday trading on Wednesday, reaching C$64.46. 2,014,285 shares of the stock traded hands, compared to its average volume of 2,783,708. The company has a 50-day simple moving average of C$62.49 and a two-hundred day simple moving average of C$63.13. Tourmaline Oil has a 12-month low of C$56.72 and a 12-month high of C$70.57. The firm has a market cap of C$25.03 billion, a PE ratio of 35.61, a price-to-earnings-growth ratio of 1.72 and a beta of -0.27. The company has a current ratio of 0.88, a quick ratio of 0.47 and a debt-to-equity ratio of 7.14.

Tourmaline Oil Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Monday, June 15th. Tourmaline Oil’s payout ratio is currently 110.50%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group raised their price objective on shares of Tourmaline Oil from C$72.00 to C$74.00 in a research note on Friday, July 24th. TD raised their target price on Tourmaline Oil from C$65.00 to C$66.00 and gave the company a “hold” rating in a research report on Wednesday, July 22nd. Desjardins set a C$68.00 price target on Tourmaline Oil and gave the company a “hold” rating in a research note on Friday, July 17th. Scotiabank raised Tourmaline Oil to a “strong-buy” rating in a report on Friday, June 26th. Finally, BMO Capital Markets downgraded Tourmaline Oil from an “outperform” rating to a “market perform” rating and increased their price target for the stock from C$67.00 to C$70.00 in a research report on Thursday, May 7th. Three research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$70.36.

Insider Buying and Selling at Tourmaline Oil

In other Tourmaline Oil news, insider Mike Rose acquired 2,500 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was purchased at an average price of C$59.84 per share, for a total transaction of C$149,600.00. Following the completion of the acquisition, the insider owned 8,115,178 shares of the company’s stock, valued at approximately C$485,612,251.52. This trade represents a 0.03% increase in their position. Also, insider Earl Henry Mckinnon sold 4,700 shares of the company’s stock in a transaction that occurred on Friday, July 3rd. The stock was sold at an average price of C$60.35, for a total transaction of C$283,645.00. Following the sale, the insider directly owned 132,280 shares in the company, valued at approximately C$7,983,098. The trade was a 3.43% decrease in their ownership of the stock. Insiders have purchased 39,266 shares of company stock valued at $2,463,574 over the last three months. 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.