Tourmaline Oil Corp. (TSE:TOU) Increases Dividend to $0.50 Per Share

Tourmaline Oil Corp. (TSE:TOU) announced a quarterly dividend on Wednesday, March 5th, RTT News reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.50 per share on Monday, March 31st. This represents a $2.00 annualized dividend and a dividend yield of 3.09%. This is a 42.9% increase from Tourmaline Oil’s previous quarterly dividend of $0.35.

Tourmaline Oil Price Performance

TOU opened at C$64.80 on Thursday. Tourmaline Oil has a one year low of C$55.27 and a one year high of C$70.83. The company has a debt-to-equity ratio of 10.13, a current ratio of 1.01 and a quick ratio of 0.47. The company’s 50 day simple moving average is C$67.43 and its 200-day simple moving average is C$64.36. The stock has a market capitalization of C$24.15 billion, a P/E ratio of 14.63, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30.

Insiders Place Their Bets

In related news, Director Jill Terilee Angevine acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were acquired at an average cost of C$66.63 per share, for a total transaction of C$66,630.00. Also, Senior Officer Mike Rose purchased 2,500 shares of the stock in a transaction on Thursday, February 6th. The stock was acquired at an average price of C$65.28 per share, for a total transaction of C$163,190.00. Over the last three months, insiders have bought 16,000 shares of company stock worth $1,047,918. Company insiders own 5.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. CIBC raised their price objective on shares of Tourmaline Oil from C$75.00 to C$80.00 in a research note on Friday, January 17th. Jefferies Financial Group raised their price objective on shares of Tourmaline Oil from C$73.00 to C$76.00 in a research note on Monday, December 16th. UBS Group raised their price objective on shares of Tourmaline Oil from C$79.00 to C$80.00 in a research note on Thursday, February 13th. Finally, National Bankshares raised 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 investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$78.45.

About Tourmaline Oil

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.