Scotiabank Maintains a Buy Rating on Tourmaline Oil

By Ryan Adsit

Tourmaline Oil (TSX: TOU), the Materials sector company, was revisited by a Wall Street analyst yesterday. The company received a Buy rating from Scotiabank’s analyst Jason Bouvier, with a C$35 price target.

Bouvier has an average return of 0.6% when recommending Tourmaline Oil.

According to TipRanks.com, Bouvier is ranked #4016 out of 4600 analysts.

Currently, the analyst consensus on Tourmaline Oil is Strong Buy and the average price target is C$38.29, representing a 37.1% upside.

In a report issued on June 16, BMO Capital also reiterated a Buy rating on the stock with a C$36 price target.

Tourmaline Oil’s market cap is currently C$7.5B and has a P/E ratio of 68.8.

Tourmaline Oil Corp. engages in the exploration, development, production of petroleum and natural gas properties. It acquires 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 on Friday at $27.92.