Lowering Tourmaline Oil Fair Value Estimate; Stock Still Overvalued
We are relaunching coverage of Tourmaline Oil and lowering our fair value estimate to CAD 13 from CAD 18. Trading at CAD 36--over twice our fair value estimate--the stock continues to look greatly overvalued. Although the company’s natural gas production possesses a low cash cost structure and favorable economics, we remind investors that full-cycle breakeven prices approximate US $4/mcf Henry Hub. Comparatively, our midcycle Henry Hub forecast is US $3/mcf. Current resources can only support ap...Tourmaline Oil is engaged in the acquisition, exploration, development and production of petroleum and natural gas properties in the Western Canadian Sedimentary Basin.
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