Tourmaline Oil Corp (TOU) Declares Dividend Increase – $0.09 Per Share

Tourmaline Oil Corp (TSE:TOU) announced a quarterly dividend on Thursday, June 14th, TickerTech reports. Stockholders of record on Friday, June 29th will be given a dividend of 0.09 per share on Friday, June 29th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, June 14th. This is an increase from Tourmaline Oil’s previous quarterly dividend of $0.08.

Shares of Tourmaline Oil traded up C$0.03, reaching C$24.41, during trading on Wednesday, MarketBeat.com reports. The company’s stock had a trading volume of 343,092 shares, compared to its average volume of 871,303. Tourmaline Oil has a 1-year low of C$17.78 and a 1-year high of C$28.74.

Tourmaline Oil (TSE:TOU) last announced its quarterly earnings data on Tuesday, May 8th. The company reported C$0.48 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.32 by C$0.16. The firm had revenue of C$550.17 million during the quarter. Tourmaline Oil had a net margin of 17.08% and a return on equity of 4.96%.



In other news, insider Mike Rose purchased 2,500 shares of the stock in a transaction on Friday, May 25th. The stock was bought at an average price of C$24.04 per share, for a total transaction of C$60,100.00. Also, Director Lee Allan Baker purchased 5,000 shares of the stock in a transaction on Wednesday, March 21st. The shares were purchased at an average price of C$21.01 per share, with a total value of C$105,050.00. Insiders have acquired a total of 21,240 shares of company stock valued at $483,129 in the last quarter.

A number of research analysts recently weighed in on TOU shares. Raymond James lifted their price objective on shares of Tourmaline Oil from C$28.00 to C$31.00 and gave the company an “outperform” rating in a report on Monday, May 14th. GMP Securities set a C$30.50 price objective on shares of Tourmaline Oil in a report on Wednesday, May 9th. BMO Capital Markets lifted their price objective on shares of Tourmaline Oil from C$22.00 to C$24.00 in a report on Wednesday, May 9th. Scotiabank dropped their price objective on shares of Tourmaline Oil from C$32.00 to C$28.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. Finally, CIBC lifted their price objective on shares of Tourmaline Oil from C$27.50 to C$30.00 in a report on Friday, May 18th. Five research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and a consensus target price of C$31.39.

About Tourmaline Oil

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

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