Tourmaline Oil (TSE:TOU) Reaches New 52-Week High – Here’s Why

Tourmaline Oil Corp. (TSE:TOU)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as C$70.69 and last traded at C$70.47, with a volume of 320696 shares traded. The stock had previously closed at C$70.41.

Wall Street Analyst Weigh In

Several research firms have recently commented on TOU. National Bankshares boosted their price target on shares of Tourmaline Oil from C$72.50 to C$75.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Jefferies Financial Group boosted their price target on Tourmaline Oil from C$73.00 to C$76.00 in a report on Monday, December 16th. Desjardins downgraded Tourmaline Oil from a “buy” rating to a “hold” rating and reduced their target price for the stock from C$80.00 to C$74.00 in a research note on Wednesday, March 19th. UBS Group raised their price objective on Tourmaline Oil from C$79.00 to C$80.00 in a report on Thursday, February 13th. Finally, Cormark raised shares of Tourmaline Oil from a “hold” rating to a “moderate buy” rating in a research report on Friday, March 7th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$78.56.

Tourmaline Oil Stock Performance

The stock has a fifty day moving average price of C$67.27 and a two-hundred day moving average price of C$65.07. The company has a market cap of C$26.31 billion, a P/E ratio of 15.94, a PEG ratio of 1.72 and a beta of 1.30. The company has a debt-to-equity ratio of 10.13, a current ratio of 1.01 and a quick ratio of 0.47.

Tourmaline Oil Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.50 dividend. This is an increase from Tourmaline Oil’s previous quarterly dividend of $0.35. This represents a $2.00 annualized dividend and a yield of 2.83%. The ex-dividend date was Friday, March 14th. Tourmaline Oil’s dividend payout ratio is currently 31.61%.

Insider Transactions at Tourmaline Oil

In other news, Director Jill Terilee Angevine purchased 1,000 shares of Tourmaline Oil stock in a transaction on Friday, January 31st. The shares were purchased at an average cost of C$66.63 per share, for a total transaction of C$66,630.00. Also, Senior Officer Mike Rose acquired 2,500 shares of the stock in a transaction on Friday, March 14th. The stock was bought at an average price of C$64.25 per share, with a total value of C$160,612.50. Over the last ninety days, insiders have purchased 16,000 shares of company stock valued at $1,054,314. 5.13% of the stock is owned by insiders.

Tourmaline Oil Company Profile

Tourmaline Oil Corp is a Canadian energy company engaged in natural gas and crude oil acquisition, exploration, development, and production in the Western Canada Sedimentary Basin.