Tourmaline Oil (TSE:TOU) Hits New 52-Week High After Dividend Announcement

Tourmaline Oil Corp. (TSE:TOU) shares hit a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as C$40.28 and last traded at C$40.16, with a volume of 269710 shares changing hands. The stock had previously closed at C$38.38.

The newly announced dividend which will be paid on Wednesday, September 29th. Shareholders of record on Wednesday, September 29th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.68%. The ex-dividend date is Tuesday, September 14th. This is an increase from Tourmaline Oil’s previous quarterly dividend of $0.16. Tourmaline Oil’s dividend payout ratio is currently 12.76%.

Several equities analysts have issued reports on TOU shares. Scotiabank upped their price objective on shares of Tourmaline Oil from C$47.00 to C$57.00 in a research note on Thursday, July 15th. Tudor Pickering & Holt set a C$44.00 price objective on shares of Tourmaline Oil and gave the company a “buy” rating in a research note on Friday, July 16th. Canaccord Genuity upped their price objective on shares of Tourmaline Oil from C$34.00 to C$36.00 and gave the company a “buy” rating in a research note on Wednesday, May 19th. ATB Capital upped their price objective on shares of Tourmaline Oil from C$37.50 to C$40.00 in a research note on Tuesday, June 15th. Finally, National Bankshares upped their price objective on shares of Tourmaline Oil from C$37.50 to C$40.00 and gave the company an “outperform” rating in a research note on Monday, June 14th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Tourmaline Oil has an average rating of “Buy” and an average price target of C$44.31.

The business’s fifty day moving average price is C$33.90 and its 200 day moving average price is C$29.84. The company has a quick ratio of 0.54, a current ratio of 0.59 and a debt-to-equity ratio of 17.36. The firm has a market capitalization of C$12.07 billion and a PE ratio of 8.88.

In other Tourmaline Oil news, Senior Officer Mike Rose bought 2,500 shares of Tourmaline Oil stock in a transaction dated Thursday, June 17th. The stock was acquired at an average cost of C$31.64 per share, with a total value of C$79,100.00. Following the completion of the acquisition, the insider now owns 8,813,558 shares of the company’s stock, valued at C$278,860,975.12. Insiders bought 22,500 shares of company stock valued at $723,973 over the last ninety days.

Tourmaline Oil Company Profile (TSE:TOU)

Tourmaline Oil Corp. acquires, explores for, develops, and produces oil and natural gas properties in the Western Canadian Sedimentary Basin. It holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex. The company was incorporated in 2008 and is headquartered in Calgary, Canada.

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