Shares of Tourmaline Oil Corp (TSE:TOU) hit a new 52-week low during mid-day trading on Friday after BMO Capital Markets lowered their price target on the stock from C$26.00 to C$25.00. The company traded as low as C$18.50 and last traded at C$19.28, with a volume of 549352 shares changing hands. The stock had previously closed at C$19.51.
Other equities analysts have also recently issued reports about the company. TD Securities reissued a “buy” rating and set a C$27.00 price objective on shares of Tourmaline Oil in a report on Thursday. Raymond James raised their price objective on Tourmaline Oil from C$32.00 to C$35.00 in a report on Thursday, August 2nd. Finally, National Bank Financial raised their price objective on Tourmaline Oil from C$31.00 to C$32.50 and gave the company an “outperform” rating in a report on Thursday, August 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of C$29.31.
In related news, insider Brian Robinson purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The shares were acquired at an average cost of C$21.85 per share, with a total value of C$109,250.00. Also, insider Earl Henry Mckinnon purchased 1,500 shares of the firm’s stock in a transaction on Wednesday, October 3rd. The stock was bought at an average cost of C$22.71 per share, for a total transaction of C$34,065.00. Over the last ninety days, insiders acquired 34,000 shares of company stock worth $703,740 and sold 5,215 shares worth $109,928.
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About Tourmaline Oil (TSE:TOU)
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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