Raising Our FVE for Tourmaline; Stock Looks Fairly Valued
After taking a fresh look at Tourmaline Oil’s fourth-quarter results, we are raising our fair value estimate to CAD 19 from CAD 16 based on our increased forecast for the company’s gas realizations. Despite the higher fair value, the stock looks fairly valued as the market appears to be appropriately pricing in the company’s future realizations. Additionally, we are maintaining our no-moat rating.As a reminder, Tourmaline reported fourth-quarter operating cash flow of CAD 392 million, which rep...
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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