Tourmaline Oil (TSE:TOU) Sets New 52-Week High – Time to Buy?

Tourmaline Oil Corp. (TSE:TOU) hit 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. The stock had previously closed at C$70.41.

Analysts Set New Price Targets

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

Tourmaline Oil Stock Up 0.3 %

The company has a market capitalization of C$26.31 billion, a price-to-earnings ratio of 15.94, a P/E/G ratio of 1.72 and a beta of 1.30. The company has a quick ratio of 0.47, a current ratio of 1.01 and a debt-to-equity ratio of 10.13. The stock’s fifty day moving average price is C$67.27 and its 200-day moving average price is C$65.07.

Tourmaline Oil Increases Dividend

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

Insider Activity

In related news, Senior Officer Mike Rose purchased 2,500 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was acquired at an average price of C$68.38 per share, for a total transaction of C$170,945.00. Also, Director Jill Terilee Angevine acquired 1,000 shares of Tourmaline Oil stock in a transaction on Friday, January 31st. The stock was acquired at an average price of C$66.63 per share, with a total value of C$66,630.00. In the last quarter, insiders have acquired 16,000 shares of company stock worth $1,054,314. Insiders own 5.13% of the company’s stock.

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.