Tourmaline Oil (TSE:TOU) Shares Pass Above 200-Day Moving Average - Here's What Happened

Tourmaline Oil Corp. (TSE:TOU - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$63.01 and traded as high as C$63.70. Tourmaline Oil shares last traded at C$62.54, with a volume of 10,052,429 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Tourmaline Oil from C$67.00 to C$73.00 in a report on Thursday, November 7th. Scotiabank lifted their target price on Tourmaline Oil from C$90.00 to C$93.00 and gave the stock an "outperform" rating in a report on Tuesday, August 13th. Canaccord Genuity Group reduced their price target on Tourmaline Oil from C$75.00 to C$74.00 in a research report on Tuesday, October 22nd. TD Securities decreased their price target on Tourmaline Oil from C$77.00 to C$75.00 and set a "buy" rating for the company in a research note on Wednesday, October 23rd. Finally, Desjardins lifted their price objective on Tourmaline Oil from C$72.00 to C$75.00 and gave the stock a "buy" rating in a research note on Tuesday, August 13th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of C$78.41.

Tourmaline Oil Price Performance

The stock has a market capitalization of C$23.22 billion, a P/E ratio of 14.82, a PEG ratio of 1.72 and a beta of 1.30. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.47 and a current ratio of 1.11. The business has a fifty day simple moving average of C$62.32 and a 200-day simple moving average of C$62.98.

Tourmaline Oil (TSE:TOU - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported C$1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of C$1.26 by C($0.26). Tourmaline Oil had a return on equity of 10.86% and a net margin of 30.75%. The company had revenue of C$1.47 billion for the quarter, compared to the consensus estimate of C$1.63 billion. Sell-side analysts expect that Tourmaline Oil Corp. will post 5.6809091 earnings per share for the current fiscal year.

Tourmaline Oil Cuts Dividend

The company also recently disclosed a None dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.50 dividend. The ex-dividend date was Friday, September 13th. This represents a yield of 2.26%. Tourmaline Oil's dividend payout ratio (DPR) is presently 33.18%.

Insider Activity

In other Tourmaline Oil news, Senior Officer William Scott Kirker sold 66,000 shares of Tourmaline Oil stock in a transaction dated Friday, October 4th. The stock was sold at an average price of C$66.37, for a total transaction of C$4,380,274.80. Also, Senior Officer Mike Rose acquired 5,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was bought at an average cost of C$61.59 per share, with a total value of C$307,945.00. Insiders bought a total of 30,000 shares of company stock worth $1,817,265 over the last quarter. 5.13% of the stock is currently owned by corporate insiders.

About Tourmaline Oil

Tourmaline Oil Corp. explores for and develops oil and natural gas properties in the Western Canadian Sedimentary Basin. The company holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex. Tourmaline Oil Corp.