Market MoversOn The Rise Tourmaline Oil Corp. increased in response to reporting record cash flow and net earnings of $361.1-million in the third quarter of 2021.
The Calgary-based company says it earned $1.10 per diluted share in the quarter, compared with $4.8-million or two cents per diluted share in the third quarter of 2020.
The company reported revenues of $1.2-billion, up 134 per cent year-over-year.
The increase came as Tourmaline’s natural gas production rose 52 per cent from the same quarter in 2020, and oil production rose 58 per cent year-over-year.
The company says its current production is ranging between 485,000 to 490,000 barrels of oil equivalent per day.
Tourmaline says it achieved record quarterly cash flow of $761.3-million in the third quarter.
In a research note, Desjardins Securities analyst Justin Bouchard said: “When it comes to shareholder returns, there is more than one way to skin a cat. But with TOU, you know what you’re getting—special dividends (and tactical share buybacks). Regardless of the approach taken, the important point for TOU shareholders is that they are front and centre when it comes time to divide the spoils. 3Q21 results were impressive and we expect that 4Q21 will be even more so. This leads to an inevitable conclusion—more special dividends are forthcoming.”