Royal Bank of Canada Cuts Tourmaline Oil (TSE:TOU) Price Target to C$24.00

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Tourmaline Oil (TSE:TOU) had its target price cut by Royal Bank of Canada from C$26.00 to C$24.00 in a research report released on Thursday morning, BayStreet.CA reports.

A number of other equities research analysts also recently issued reports on TOU. Raymond James reissued an outperform rating and set a $36.00 price objective on shares of Zymeworks in a research report on Thursday, May 30th. National Bank Financial cut their price objective on shares of Yangarra Resources from C$5.50 to C$5.00 and set an outperform rating for the company in a research report on Tuesday, June 25th. TD Securities downgraded shares of Tricon Capital Group from an action list buy rating to a buy rating and cut their price objective for the company from C$14.50 to C$13.50 in a research report on Thursday, May 9th. GMP Securities reissued a buy rating and set a $22.25 price objective on shares of SPDR Wells Fargo Preferred Stock ETF in a research report on Friday, June 28th. Finally, BMO Capital Markets reissued a hold rating and set a $9.50 price objective on shares of Vicon Industries in a research report on Friday, June 14th.

Shares of TOU stock opened at C$17.20 on Thursday. Tourmaline Oil has a 1 year low of C$15.39 and a 1 year high of C$25.79. The company’s fifty day simple moving average is C$16.69. The company has a debt-to-equity ratio of 19.37, a quick ratio of 0.50 and a current ratio of 0.53. The company has a market cap of $4.68 billion and a P/E ratio of 13.03.

Tourmaline Oil (TSE:TOU) last issued its quarterly earnings data on Wednesday, May 8th. The company reported C$0.32 earnings per share (EPS) for the quarter. The business had revenue of C$664.30 million for the quarter. As a group, sell-side analysts expect that Tourmaline Oil will post 1.1399999 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 28th were issued a $0.12 dividend. The ex-dividend date was Thursday, June 13th. This represents a $0.48 annualized dividend and a yield of 2.79%. This is an increase from Tourmaline Oil’s previous quarterly dividend of $0.10. Tourmaline Oil’s dividend payout ratio is currently 36.36%.

In related news, Director Lucille Miller acquired 1,467 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average price of C$17.73 per share, with a total value of C$26,002.58. Following the acquisition, the director now directly owns 8,267 shares of the company’s stock, valued at C$146,532.58. Also, Senior Officer Mike Rose acquired 2,500 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of C$16.15 per share, with a total value of C$40,377.50. Following the acquisition, the insider now directly owns 10,540,970 shares in the company, valued at C$170,247,206.47. Insiders purchased a total of 21,467 shares of company stock valued at $374,362 in the last ninety days.

Tourmaline Oil Company Profile

Tourmaline Oil Corp., together with its subsidiaries, engages in the acquisition, exploration, development, and production of oil and natural gas properties in the Western Canadian Sedimentary Basin. The company holds interests in properties located in the Alberta Deep Basin, NEBC Montney, and the Peace River High Triassic oil complex.

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