Tourmaline released first quarter financial and operating results that were ahead of forecast. While CFO was materially ahead of expectations, the Company’s E&D capital investment in the period was substantially below our expectations, and we believe the market will see capital discipline as positive in the subsequent trading sessions, all else equal. We have increased our 12-month target price to $43.75/sh. We rank the stock as an Outperform and would invest at current levels.
