RBC Capital Thinks Tourmaline Oil’s Stock is Going to Recover


Today, an analyst has provided a rating update for the Materials sector company, Tourmaline Oil (TOU). RBC Capital’s analyst Michael Harvey reiterates their Buy rating on the shares, with a C$18.00 price target.

According to TipRanks.com, Harvey is a 2-star analyst with an average return of 0.5% and a 40.7% success rate. Harvey covers the Basic Materials sector, focusing on stocks such as Kelt Exploration Ltd, NuVista Energy Ltd, and Crew Energy Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Tourmaline Oil with a C$21.95 average price target, implying an 82.8% upside from current levels. In a report issued on October 10, CIBC also maintained a Buy rating on the stock with a $25.00 price target.

Based on Tourmaline Oil’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$155 million. In comparison, last year the company had a net profit of C$55.3 million.

Tourmaline Oil Corp. engages in the acquisition, exploration, development, and production of petroleum and natural gas properties. It focuses on its program in the Western Canadian Sedimentary Basin. The company was founded on July 21, 2008 and is headquartered in Calgary, Canada.

The company’s shares closed last Friday at C$11.40, close to its 52-week low of C$10.45.

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