On Thursday, TD Securities resumed coverage on Tourmaline Oil Corp . (TSX:TOU:CN) (OTC: TRMLF) stock, a $16.77 billion market cap energy company, issuing a Buy rating and setting a price target of C$75.00.
The coverage follows the recent completion of Tourmaline's sale of shares in Topaz Energy Corp . (TSX:TPZ:CN), a transaction that was announced on November 25. According to InvestingPro, the company maintains a healthy financial profile with moderate debt levels and a 5.45% dividend yield.
The sale of the TPZ shares by Tourmaline in a secondary offering was anticipated by TD Securities, as the company had previously communicated its intention to decrease its stake in Topaz. The analyst from TD Securities noted that the move was aligned with Tourmaline's long-term strategy.
Tourmaline's strategic disposition of its Topaz shares has been seen as a step towards focusing on its core business operations. The analyst's commentary highlighted that the sale was consistent with the company's previously stated goals.
The price target of C$75.00 for Tourmaline's stock represents TD Securities' outlook on the company's value following the share sale. The analyst's positive rating suggests confidence in the company's future performance.
Tourmaline's operational decisions and strategic sales are of interest to investors, as they may influence the company's financial health and stock performance. The Buy rating from TD Securities indicates a positive view of Tourmaline's market position and potential for growth.
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