Upgrade After Monday’s announcement of a 2-cent increase to its quarterly dividend to 20 cents per share and a special dividend of $1.25 per share, Stifel analyst Robert Fitzmartyn hiked his target for Tourmaline Oil Corp. to $69 from $66.25 with a “buy” rating. The average is $63.07.
“Tourmaline announces a base dividend increase and special dividend that remains conservative relative to FCF generation though does not preclude the fact that it could repurchase its shares for cancellation on the market,” he said. “We affirm significant FCF generation in our forecast for the remainder of the 2022 and believe there will be further tangible returns to shareholders through 2022.”