Price Upgrades Stifel’s Robert Fitzmartyn hiked his Tourmaline Oil Corp. target to $80 from $69 with a “buy” rating. Others making changes include: Raymond James’ Jeremy McCrea to $70 from $65 with a “strong buy” rating; CIBC’s Jamie Kubik to $65 from $60 with an “outperformer” rating; BMO’s Randy Ollenberger to $60 from $55 with an “outperform” rating; TD’s Aaron Bilkoski to $63 from $64 with a “buy” rating and Cormark’s Garett Ursu to $65 from $62.50 with a “buy” rating. The average is $66.08.
“Tourmaline’s fourth quarter results were in line with our expectations though CFPS trailed the market. It exited the year replete with a robust year-end reserve book once again long in breadth and scope, though completely financed by near/medium term cash generation, culminating in a compelling NAV growth premise. There are no material changes to our forecast. We increase our target price on the basis of strong commodity price appreciation since its special dividend declaration earlier this year,” said Mr. Fitzmartyn.