Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TOURMALINE OIL CORP. We currently have 37 research reports from 1 professional analysts.
|07Mar16 22:17||MKW||Tourmaline Oil Corp. Earns $80.1 Million in 2015|
|22Feb16 22:00||MKW||Tourmaline Oil Corp. Reserves Reach 1.1 Billion Barrels of Oil Equivalent|
|02Feb16 12:30||MKW||Tourmaline Oil Corp. Announces Deep Basin Acquisition and Reduces 2016 EP Budget|
|04Jan16 22:00||MKW||Tourmaline Oil Corp. Achieved 2015 Exit Guidance in Late November|
|04Nov15 22:00||MKW||Tourmaline Earns $28.5 Million in the Third Quarter|
|14Oct15 22:00||MKW||Tourmaline Updates 2016 and 2017 Guidance|
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TOURMALINE OIL CORP
TOURMALINE OIL CORP
Tourmaline Announces Second Quarter Results
04 Aug 16
Tourmaline released second quarter financial and operating results that were in line with our forecast, characterized by another period of sequential unit cost reductions, and augmented by lower E&D capital investment, the latter while a traditional hallmark of second quarter results, nonetheless affirms our view that Tourmaline will demonstrate industry leading capital efficiencies ahead. There are no material changes to our 2016e forecast. We are increasing our 2017e volume forecast, now in line with guidance at 215,000 boe/d through a modestly increased cash flow budget on the current forward strip. We are increasing our 12-month target price to $45.00/sh. We rank the stock as a Top Pick and would continue to invest in Tourmaline at current levels.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
Intermediates, Mid Caps & Small Cap Commodity Price Update
23 Jun 16
With this publication we highlight forecast revisions associated with our commodity price update (Natural Gas Update; Crude Oil Update), reaffirming a view of commodity price recovery in 2017e. In the interim until then, 2016e Canadian oil price realizations are up ~11% in the synthetic and Edmonton Light streams, with heavy WCS crude up ~20% which is amplified by Canadian oilsands output curtailments. While 2016e Canadian natural gas prices are projected to be ~20% lower, we expect much of this effect to be mitigated by strong hedging positions this year, and remain focused on price recovery next year with very strong increases reflected in both the strip and our revised forecast. Overall, broad valuations are flat to slightly higher coming out of this exercise, with oil/ liquids levered entities observing the highest 2017e CFO uptick. We remain constructive on the space, though the market will need to look past a trough of potentially weak pricing this summer.
Tourmaline Revises 2016 Production Guidance, Provides Operations Update
16 Jun 16
Tourmaline has lowered its 2016e production guidance by ~4% at the mid-point as a result of third party infrastructure issues and deferral of well completions due to low gas prices. We’ve adjusted our 2016e production outlook to the higher end of the revised range, which results in a 3% reduction to cash flow for the year. Our 2017e outlook is unchanged and remains conservatively below Management guidance. We have modestly reduced our 12-month target price to $43.50 per share (from $43.75 per share) and maintain our Outperform ranking.
Announces First Quarter Results, Impressive Record Cost Structure, Expect Market to Focus on Capital Discipline
05 May 16
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.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.