Tourmaline Oil Corp (Alberta) T.TOU

Desjardins

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Desjardins Securities’ Chris MacCulloch cut his Tourmaline Oil Corp.  target to $72 from $74 with a “buy” rating. The average is $77.56.

“We are trimming our target on Tourmaline ... reflecting modest downward estimate revisions following its release of 2Q24 financial results last week,” he said. “Despite the residual weakness in prompt natural gas prices and broader market turmoil, we believe the recent sell-off has created an attractive opportunity to build exposure to what we continue to view as North America’s leading natural gas producer. We highlight the stock as one of our top picks in the Desjardins E&P coverage universe.”