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Tourmaline Oil

TSX:TOU
Snowflake Description

Good value with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TOU
TSX
CA$2B
Market Cap
  1. Home
  2. CA
  3. Energy
Company description

Tourmaline Oil Corp. acquires, explores for, develops, and produces oil and natural gas properties in the Western Canadian Sedimentary Basin. The last earnings update was 25 days ago. More info.


Add to Portfolio Compare Print
  • Tourmaline Oil has significant price volatility in the past 3 months.
TOU Share Price and Events
7 Day Returns
5%
TSX:TOU
7%
CA Oil and Gas
7.1%
CA Market
1 Year Returns
-62.2%
TSX:TOU
-46%
CA Oil and Gas
-25.3%
CA Market
TOU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tourmaline Oil (TOU) 5% -31.1% -48.2% -62.2% -73.7% -79.7%
CA Oil and Gas 7% -40.8% -46.8% -46% -53.7% -57.4%
CA Market 7.1% -24.1% -26.7% -25.3% -23.4% -17.5%
1 Year Return vs Industry and Market
  • TOU underperformed the Oil and Gas industry which returned -46% over the past year.
  • TOU underperformed the Market in Canada which returned -25.3% over the past year.
Price Volatility
TOU
Industry
5yr Volatility vs Market

Value

 Is Tourmaline Oil undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tourmaline Oil to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tourmaline Oil.

TSX:TOU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:TOU
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.82
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.816 (1 + (1- 26.5%) (69.95%))
1.157
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.157 * 5.44%)
7.74%

Discounted Cash Flow Calculation for TSX:TOU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tourmaline Oil is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSX:TOU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 7.74%)
2020 212.20 Analyst x5 196.96
2021 244.50 Analyst x6 210.65
2022 267.84 Est @ 9.55% 214.19
2023 286.90 Est @ 7.11% 212.96
2024 302.43 Est @ 5.41% 208.36
2025 315.19 Est @ 4.22% 201.57
2026 325.86 Est @ 3.39% 193.43
2027 335.00 Est @ 2.8% 184.57
2028 343.02 Est @ 2.39% 175.42
2029 350.24 Est @ 2.11% 166.26
Present value of next 10 years cash flows CA$1,964.00
TSX:TOU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$350.24 × (1 + 1.44%) ÷ (7.74% – 1.44%)
CA$5,643.42
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$5,643.42 ÷ (1 + 7.74%)10
CA$2,678.86
TSX:TOU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$1,964.00 + CA$2,678.86
CA$4,642.86
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$4,642.86 / 270.99
CA$17.13
TSX:TOU Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$17.13
Current discount Discount to share price of CA$7.81
= -1 x (CA$7.81 - CA$17.13) / CA$17.13
54.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Tourmaline Oil is available for.
Intrinsic value
>50%
Share price is CA$7.81 vs Future cash flow value of CA$17.13
Current Discount Checks
For Tourmaline Oil to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tourmaline Oil's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tourmaline Oil's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tourmaline Oil's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tourmaline Oil's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:TOU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$1.18
TSX:TOU Share Price ** TSX (2020-03-27) in CAD CA$7.81
Canada Oil and Gas Industry PE Ratio Median Figure of 55 Publicly-Listed Oil and Gas Companies 6.03x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.58x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tourmaline Oil.

TSX:TOU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:TOU Share Price ÷ EPS (both in CAD)

= 7.81 ÷ 1.18

6.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tourmaline Oil is overvalued based on earnings compared to the CA Oil and Gas industry average.
  • Tourmaline Oil is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Tourmaline Oil's expected growth come at a high price?
Raw Data
TSX:TOU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-47.6%per year
Canada Oil and Gas Industry PEG Ratio Median Figure of 29 Publicly-Listed Oil and Gas Companies -0.04x
Canada Market PEG Ratio Median Figure of 234 Publicly-Listed Companies 0.69x

*Line of best fit is calculated by linear regression .

TSX:TOU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.64x ÷ -47.6%

-0.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tourmaline Oil earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tourmaline Oil's assets?
Raw Data
TSX:TOU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$28.73
TSX:TOU Share Price * TSX (2020-03-27) in CAD CA$7.81
Canada Oil and Gas Industry PB Ratio Median Figure of 198 Publicly-Listed Oil and Gas Companies 0.39x
Canada Market PB Ratio Median Figure of 2,351 Publicly-Listed Companies 1x
TSX:TOU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:TOU Share Price ÷ Book Value per Share (both in CAD)

= 7.81 ÷ 28.73

0.27x

* Primary Listing of Tourmaline Oil.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tourmaline Oil is good value based on assets compared to the CA Oil and Gas industry average.
X
Value checks
We assess Tourmaline Oil's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Tourmaline Oil has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Tourmaline Oil expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-47.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tourmaline Oil expected to grow at an attractive rate?
  • Tourmaline Oil's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.4%.
Growth vs Market Checks
  • Tourmaline Oil's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Tourmaline Oil's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:TOU Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:TOU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -47.6%
TSX:TOU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 11.1%
Canada Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average -3.7%
Canada Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.1%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7.8%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:TOU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:TOU Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2,305 1,279 158 4
2020-12-31 2,174 1,131 32 5
2020-03-28
TSX:TOU Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 1,836 1,175 320
2019-09-30 1,652 1,217 449
2019-06-30 1,706 1,326 489
2019-03-31 1,752 1,310 360
2018-12-31 1,688 1,269 401
2018-09-30 1,717 1,239 299
2018-06-30 1,619 1,192 294
2018-03-31 1,680 1,187 377
2017-12-31 1,616 1,183 347
2017-09-30 1,569 1,075 318
2017-06-30 1,543 994 292
2017-03-31 1,297 859 106

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tourmaline Oil's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Tourmaline Oil's revenue is expected to grow by 11.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:TOU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Tourmaline Oil Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TOU Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.81 1.04 0.58 2.00
2020-12-31 0.31 0.58 0.12 3.00
2020-03-28
TSX:TOU Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 1.18
2019-09-30 1.65
2019-06-30 1.80
2019-03-31 1.32
2018-12-31 1.48
2018-09-30 1.10
2018-06-30 1.09
2018-03-31 1.40
2017-12-31 1.29
2017-09-30 1.21
2017-06-30 1.15
2017-03-31 0.43

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Tourmaline Oil is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Tourmaline Oil's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tourmaline Oil has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Tourmaline Oil performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tourmaline Oil's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tourmaline Oil's year on year earnings growth rate has been positive over the past 5 years.
  • Tourmaline Oil's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Tourmaline Oil's 1-year earnings growth is negative, it can't be compared to the CA Oil and Gas industry average.
Earnings and Revenue History
Tourmaline Oil's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tourmaline Oil Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TOU Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,836.15 319.74 65.82
2019-09-30 1,652.29 449.30 64.07
2019-06-30 1,705.56 488.84 65.31
2019-03-31 1,752.16 359.54 65.80
2018-12-31 1,688.03 401.42 65.57
2018-09-30 1,717.28 298.60 64.98
2018-06-30 1,618.63 293.89 61.85
2018-03-31 1,680.04 376.83 60.12
2017-12-31 1,616.29 346.77 59.74
2017-09-30 1,568.69 318.32 56.88
2017-06-30 1,542.62 292.47 55.44
2017-03-31 1,296.54 105.95 54.48
2016-12-31 1,101.59 -31.97 53.03
2016-09-30 1,002.57 -56.96 53.05
2016-06-30 985.71 -53.21 55.35
2016-03-31 1,046.35 19.54 55.38
2015-12-31 1,056.27 80.09 56.15
2015-09-30 1,066.44 310.66 58.55
2015-06-30 1,100.52 349.53 57.07
2015-03-31 1,168.75 421.16 56.19
2014-12-31 1,277.49 488.87 53.67
2014-09-30 1,200.62 280.43 50.26
2014-06-30 1,057.92 222.23 46.58
2014-03-31 897.64 185.80 43.03
2013-12-31 707.98 148.11 39.55
2013-09-30 624.84 107.65 36.27
2013-06-30 566.18 93.72 33.23
2013-03-31 487.13 64.73 30.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Tourmaline Oil has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tourmaline Oil used its assets less efficiently than the CA Oil and Gas industry average last year based on Return on Assets.
  • Tourmaline Oil has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Tourmaline Oil's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tourmaline Oil has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Tourmaline Oil's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tourmaline Oil's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tourmaline Oil's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Tourmaline Oil's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tourmaline Oil's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tourmaline Oil Company Filings, last reported 2 months ago.

TSX:TOU Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 7,966.59 1,621.12 12.13
2019-09-30 7,753.60 1,762.53
2019-06-30 7,767.35 1,559.47
2019-03-31 7,638.54 1,467.75
2018-12-31 7,571.38 1,476.10 35.29
2018-09-30 7,399.75 1,346.89
2018-06-30 7,362.80 1,407.82
2018-03-31 7,330.79 1,416.63
2017-12-31 7,215.76 1,534.76 17.34
2017-09-30 7,087.26 1,422.05
2017-06-30 7,027.86 1,423.99
2017-03-31 6,895.29 1,358.09
2016-12-31 6,768.28 1,406.59 0.90
2016-09-30 5,538.50 1,240.97
2016-06-30 5,480.05 1,330.09
2016-03-31 5,208.45 1,575.10
2015-12-31 5,231.58 1,266.60
2015-09-30 5,170.45 1,144.92
2015-06-30 4,994.83 1,197.45
2015-03-31 4,527.06 1,159.09 107.62
2014-12-31 4,454.58 918.85 263.05
2014-09-30 4,133.25 763.69
2014-06-30 4,045.70 704.08
2014-03-31 3,703.31 570.50
2013-12-31 3,368.02 590.32
2013-09-30 3,111.84 484.85
2013-06-30 3,086.59 291.85
2013-03-31 3,037.68 158.21
  • Tourmaline Oil's level of debt (20.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (20.7% vs 20.3% today).
  • Debt is well covered by operating cash flow (72.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.2x coverage).
X
Financial health checks
We assess Tourmaline Oil's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tourmaline Oil has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Tourmaline Oil's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.15%
Current annual income from Tourmaline Oil dividends. Estimated to be 6.18% next year.
If you bought CA$2,000 of Tourmaline Oil shares you are expected to receive CA$123 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tourmaline Oil's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.75%).
  • Tourmaline Oil's dividend is below the markets top 25% of dividend payers in Canada (8.79%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:TOU Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Canada Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 8.6%
Canada Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 4.9%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.3%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:TOU Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.49 9.00
2020-12-31 0.48 6.00
2020-03-28
TSX:TOU Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-03-03 0.480 5.493
2019-12-05 0.480 3.503
2019-08-26 0.480 3.822
2019-07-31 0.480 3.528
2019-03-05 0.400 2.146
2018-12-05 0.400 2.192
2018-09-05 0.400 1.979
2018-06-12 0.360 1.547
2018-03-06 0.320 1.402

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Tourmaline Oil has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Tourmaline Oil only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Tourmaline Oil's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).
X
Income/ dividend checks
We assess Tourmaline Oil's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tourmaline Oil afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tourmaline Oil has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Tourmaline Oil's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mike Rose
COMPENSATION CA$3,152,198
AGE 61
TENURE AS CEO 11.6 years
CEO Bio

Mr. Michael L. Rose, also known as Mike, P.Geol., founded Tourmaline Oil Corp. in September 2008 and has been its Chief Executive Officer and President since August 2008. Mr. Rose serves as Chief Executive Officer and President of Exshaw Oil Corporation. He has more than 30 years of experience in the oil and natural gas industry. He founded Berkley Petroleum Corp. (Canada) in May 1993 and served as its President and Chief Executive Officer. He served as the President and Chief Executive Officer at Duvernay Oil Corp. since July 2001.Prior to that, he served as Chief Operating Officer of Anadarko Canada Corporation from April 2001 to July 2001. He was employed at Shell Canada from 1979 to 1993 in various positions, including as Manager of Exploration and Petroleum Engineering Research until 1993. Until June 2001, he served as an Officer of a successor corporation of Berkley Petroleum Corp. He serves as the Chairman of the Board at Exshaw Oil Corporation. He has been Chairman of Tourmaline Oil Corp. since August 6, 2008. He has been a Director of Exshaw since August 2008. He serves as a Director of Nordegg Resources Inc. and Berkley Petroleum Corp. He served as a Director at Duvernay Oil Corp. since July 2001 He served as Director of RSX Energy Inc. since November 26, 2001. He holds a BSc. in Geology from Queen's University.

CEO Compensation
  • Mike's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Mike's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Tourmaline Oil management team in years:

5.9
Average Tenure
  • The average tenure for the Tourmaline Oil management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Mike Rose

TITLE
Chairman
COMPENSATION
CA$3M
AGE
61
TENURE
11.6 yrs

Brian Robinson

TITLE
VP of Finance
COMPENSATION
CA$1M
AGE
62
TENURE
11.4 yrs

Al Bush

TITLE
Chief Operating Officer
COMPENSATION
CA$978K
TENURE
5.9 yrs

Sherra Aspin

TITLE
Vice President of Marketing
COMPENSATION
CA$723K
TENURE
1.5 yrs

William Kirker

TITLE
Secretary & General Counsel
TENURE
11.6 yrs

Colin Frostad

TITLE
Vice President of Exploration
TENURE
0.3 yrs

Sarah Tait

TITLE
Controller
TENURE
4.5 yrs
Board of Directors Tenure

Average tenure and age of the Tourmaline Oil board of directors in years:

8
Average Tenure
62
Average Age
  • The tenure for the Tourmaline Oil board of directors is about average.
Board of Directors

Mike Rose

TITLE
Chairman
COMPENSATION
CA$3M
AGE
61
TENURE
11.6 yrs

Brian Robinson

TITLE
VP of Finance
COMPENSATION
CA$1M
AGE
62
TENURE
11.6 yrs

Andrew MacDonald

TITLE
Lead Independent Director
COMPENSATION
CA$126K
AGE
59

Jill Angevine

TITLE
Independent Director
COMPENSATION
CA$126K
AGE
51
TENURE
4.3 yrs

Ron Wigham

TITLE
Independent Director
COMPENSATION
CA$126K
AGE
62
TENURE
4 yrs

Bill Armstrong

TITLE
Independent Director
COMPENSATION
CA$126K
AGE
59
TENURE
11.4 yrs

Lee Allan Baker

TITLE
Independent Director
COMPENSATION
CA$126K
AGE
63
TENURE
9 yrs

John Elick

TITLE
Independent Director
COMPENSATION
CA$126K
AGE
76
TENURE
7 yrs

Lucy Miller

TITLE
Independent Director
COMPENSATION
CA$126K
AGE
67
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Tourmaline Oil individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
23. Mar 20 Buy Ronald Wigham Individual 23. Mar 20 23. Mar 20 2,000 CA$6.91 CA$13,818
19. Mar 20 Buy Sherra Aspin Individual 18. Mar 20 18. Mar 20 2,300 CA$7.84 CA$18,023
16. Mar 20 Buy Colin Frostad Individual 16. Mar 20 16. Mar 20 10,000 CA$8.35 CA$83,500
16. Mar 20 Buy Ronald Wigham Individual 16. Mar 20 16. Mar 20 2,000 CA$7.95 CA$15,899
12. Mar 20 Buy Brian Robinson Individual 12. Mar 20 12. Mar 20 2,500 CA$9.17 CA$22,925
12. Mar 20 Buy Michael Rose Individual 12. Mar 20 12. Mar 20 7,500 CA$8.80 CA$66,020
13. Mar 20 Buy Michael Rose Individual 13. Mar 20 13. Mar 20 5,000 CA$8.44 CA$42,214
11. Mar 20 Buy Brian Robinson Individual 11. Mar 20 11. Mar 20 2,500 CA$9.34 CA$23,350
11. Mar 20 Buy Michael Rose Individual 11. Mar 20 11. Mar 20 5,000 CA$9.57 CA$47,163
11. Mar 20 Buy Ronald Wigham Individual 11. Mar 20 11. Mar 20 2,000 CA$9.95 CA$19,896
10. Mar 20 Buy Michael Rose Individual 10. Mar 20 10. Mar 20 2,500 CA$9.59 CA$23,975
10. Mar 20 Buy Ronald Wigham Individual 10. Mar 20 10. Mar 20 2,000 CA$9.82 CA$19,647
09. Mar 20 Buy Michael Rose Individual 09. Mar 20 09. Mar 20 10,000 CA$10.27 CA$101,714
06. Mar 20 Buy Michael Rose Individual 06. Mar 20 06. Mar 20 5,000 CA$10.62 CA$53,094
22. Jan 20 Buy Michael Rose Individual 22. Jan 20 22. Jan 20 2,500 CA$14.23 CA$35,583
21. Jan 20 Buy Michael Rose Individual 21. Jan 20 21. Jan 20 5,000 CA$14.54 CA$72,550
17. Jan 20 Buy Michael Rose Individual 17. Jan 20 17. Jan 20 7,500 CA$14.99 CA$110,997
15. Jan 19 Buy Michael Rose Individual 15. Jan 20 15. Jan 20 2,500 CA$15.13 CA$37,821
14. Jan 20 Buy Michael Rose Individual 14. Jan 20 14. Jan 20 2,500 CA$15.25 CA$38,125
13. Jan 20 Buy Michael Rose Individual 13. Jan 20 13. Jan 20 5,000 CA$15.61 CA$77,688
10. Jan 20 Buy Earl McKinnon Individual 10. Jan 20 10. Jan 20 386 CA$15.62 CA$6,028
09. Jan 20 Buy Michael Rose Individual 09. Jan 20 09. Jan 20 5,000 CA$15.36 CA$76,577
24. Dec 19 Buy Michael Rose Individual 24. Dec 19 24. Dec 19 5,000 CA$15.05 CA$75,274
20. Dec 19 Buy Michael Rose Individual 20. Dec 19 20. Dec 19 2,500 CA$14.86 CA$37,149
18. Oct 19 Buy Michael Rose Individual 18. Oct 19 18. Oct 19 10,000 CA$11.63 CA$116,325
18. Oct 19 Buy William Kirker Individual 18. Oct 19 18. Oct 19 2,500 CA$11.39 CA$28,471
18. Oct 19 Buy Brian Robinson Individual 18. Oct 19 18. Oct 19 5,000 CA$11.40 CA$56,988
09. Dec 19 Buy Michael Rose Individual 09. Dec 19 09. Dec 19 2,500 CA$13.87 CA$34,662
10. Dec 19 Buy Michael Rose Individual 10. Dec 19 10. Dec 19 2,500 CA$13.84 CA$34,600
03. Dec 19 Buy Michael Rose Individual 03. Dec 19 03. Dec 19 2,500 CA$11.77 CA$29,422
02. Dec 19 Buy Michael Rose Individual 02. Dec 19 02. Dec 19 5,000 CA$12.02 CA$59,896
29. Nov 19 Buy Michael Rose Individual 29. Nov 19 29. Nov 19 2,500 CA$12.19 CA$30,475
28. Nov 19 Buy Michael Rose Individual 28. Nov 19 28. Nov 19 2,500 CA$12.43 CA$31,069
26. Nov 19 Buy Michael Rose Individual 26. Nov 19 26. Nov 19 5,000 CA$12.50 CA$62,350
22. Nov 19 Buy Michael Rose Individual 22. Nov 19 22. Nov 19 2,500 CA$12.99 CA$32,475
19. Nov 19 Buy Michael Rose Individual 19. Nov 19 19. Nov 19 2,500 CA$12.49 CA$31,231
18. Nov 19 Buy Michael Rose Individual 18. Nov 19 18. Nov 19 2,500 CA$12.92 CA$32,311
15. Oct 19 Buy Michael Rose Individual 15. Oct 19 15. Oct 19 5,000 CA$12.31 CA$61,156
12. Nov 19 Buy Michael Rose Individual 12. Nov 19 12. Nov 19 5,000 CA$12.55 CA$62,220
11. Nov 19 Buy Michael Rose Individual 11. Nov 19 11. Nov 19 2,500 CA$12.60 CA$31,500
28. Oct 19 Buy Michael Rose Individual 28. Oct 19 28. Oct 19 2,500 CA$11.51 CA$28,775
24. Oct 19 Buy Michael Rose Individual 24. Oct 19 24. Oct 19 2,500 CA$11.45 CA$28,625
23. Oct 19 Buy Michael Rose Individual 23. Oct 19 23. Oct 19 2,500 CA$11.55 CA$28,875
22. Oct 19 Buy Michael Rose Individual 22. Oct 19 22. Oct 19 2,500 CA$11.74 CA$29,354
21. Oct 19 Buy Michael Rose Individual 21. Oct 19 21. Oct 19 5,000 CA$11.81 CA$58,927
17. Oct 19 Buy Michael Rose Individual 17. Oct 19 17. Oct 19 5,000 CA$12.00 CA$60,000
16. Oct 19 Buy Michael Rose Individual 16. Oct 19 16. Oct 19 5,000 CA$11.97 CA$59,850
27. Aug 19 Buy Michael Rose Individual 27. Aug 19 27. Aug 19 2,500 CA$11.99 CA$29,973
26. Aug 19 Buy Michael Rose Individual 26. Aug 19 26. Aug 19 5,000 CA$12.36 CA$61,809
14. Aug 19 Buy Allan Bush Individual 14. Aug 19 14. Aug 19 7,500 CA$12.66 CA$94,984
14. Aug 19 Buy Michael Rose Individual 14. Aug 19 14. Aug 19 2,500 CA$13.00 CA$32,500
12. Aug 19 Buy Andrew MacDonald Individual 12. Aug 19 12. Aug 19 3,500 CA$13.60 CA$47,600
12. Aug 19 Buy Jill Angevine Individual 09. Aug 19 09. Aug 19 1,080 CA$13.86 CA$14,969
12. Aug 19 Buy Michael Rose Individual 12. Aug 19 12. Aug 19 5,000 CA$13.54 CA$67,703
09. Aug 19 Buy John Elick Individual 06. Aug 19 06. Aug 19 3,500 CA$14.14 CA$49,485
08. Aug 19 Buy Jill Angevine Individual 07. Aug 19 07. Aug 19 1,920 CA$13.79 CA$26,483
07. Aug 19 Buy William Kirker Individual 07. Aug 19 07. Aug 19 2,500 CA$13.82 CA$34,550
07. Aug 19 Buy Brian Robinson Individual 07. Aug 19 07. Aug 19 5,000 CA$13.80 CA$69,000
07. Aug 19 Buy Michael Rose Individual 07. Aug 19 07. Aug 19 10,000 CA$13.98 CA$139,776
06. Aug 19 Buy Michael Rose Individual 06. Aug 19 06. Aug 19 20,000 CA$14.63 CA$292,588
10. Jul 19 Buy Michael Rose Individual 09. Jul 19 09. Jul 19 5,860 CA$16.11 CA$94,405
02. Jul 19 Buy Michael Rose Individual 02. Jul 19 02. Jul 19 5,000 CA$16.31 CA$80,638
28. Jun 19 Buy Michael Rose Individual 27. Jun 19 27. Jun 19 2,500 CA$16.80 CA$42,000
12. Jun 19 Buy Michael Rose Individual 12. Jun 19 12. Jun 19 2,500 CA$16.15 CA$40,378
07. Jun 19 Buy Michael Rose Individual 07. Jun 19 07. Jun 19 2,500 CA$16.60 CA$41,492
05. Jun 19 Buy Michael Rose Individual 05. Jun 19 05. Jun 19 7,500 CA$17.30 CA$128,508
03. Jun 19 Buy Michael Rose Individual 03. Jun 19 03. Jun 19 5,000 CA$17.19 CA$85,950
27. May 19 Buy Lucy Miller Individual 23. May 19 23. May 19 1,467 CA$17.73 CA$26,003
13. May 19 Buy Michael Rose Individual 13. May 19 13. May 19 5,000 CA$19.56 CA$97,777
01. Apr 19 Buy Earl McKinnon Individual 29. Mar 19 29. Mar 19 274 CA$20.87 CA$5,718
01. Apr 19 Buy Michael Rose Individual 01. Apr 19 01. Apr 19 5,230 CA$20.60 CA$107,694
31. Mar 19 Buy Michael Rose Individual 29. Mar 19 29. Mar 19 2,500 CA$20.69 CA$51,732
X
Management checks
We assess Tourmaline Oil's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tourmaline Oil has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Do You Like Tourmaline Oil Corp. (TSE:TOU) At This P/E Ratio?

The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Tourmaline Oil: P/E of 7.31 = CA$13.14 ÷ CA$1.8 (Based on the year to June 2019.) Is A High P/E Ratio Good? … A higher P/E ratio means that investors are paying a higher price for each CA$1 of company earnings. … Earnings growth means that in the future the 'E' will be higher.

Simply Wall St -

Is Tourmaline Oil (TSE:TOU) Using Too Much Debt?

TSX:TOU Historical Debt, August 19th 2019 How Strong Is Tourmaline Oil's Balance Sheet? … But it is future earnings, more than anything, that will determine Tourmaline Oil's ability to maintain a healthy balance sheet going forward. … If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

Simply Wall St -

Chairman Michael Rose Just Bought Shares In Tourmaline Oil Corp. (TSE:TOU)

See our latest analysis for Tourmaline Oil The Last 12 Months Of Insider Transactions At Tourmaline Oil Notably, that recent purchase by Chairman Michael Rose was not the only time they bought Tourmaline Oil shares this year. … Over the last year, we can see that insiders have bought 276k shares worth CA$5.1m. … Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term.

Simply Wall St -

Is Tourmaline Oil Corp.'s (TSE:TOU) CEO Pay Justified?

Mike Rose has been the CEO of Tourmaline Oil Corp. … First, this article will compare CEO compensation with compensation at similar sized companies. … See our latest analysis for Tourmaline Oil How Does Mike Rose's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Do Tourmaline Oil Corp.’s (TSE:TOU) Returns On Capital Employed Make The Cut?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Tourmaline Oil: 0.054 = CA$558m ÷ (CA$11b - CA$581m) (Based on the trailing twelve months to March 2019.) Therefore, Tourmaline Oil has an ROCE of 5.4%. … What Are Current Liabilities, And How Do They Affect Tourmaline Oil's ROCE? … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

What Percentage Of Tourmaline Oil Corp. (TSE:TOU) Shares Do Insiders Own?

Our analysis of the ownership of the company, below, shows that institutions own shares in the company. … View our latest analysis for Tourmaline Oil TSX:TOU Ownership Summary, July 12th 2019 What Does The Institutional Ownership Tell Us About Tourmaline Oil? … Insider Ownership Of Tourmaline Oil The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Did You Manage To Avoid Tourmaline Oil's (TSE:TOU) Devastating 71% Share Price Drop?

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During the unfortunate half decade during which the share price slipped, Tourmaline Oil actually saw its earnings per share (EPS) improve by 6.0% per year. … Because of the sharp contrast between the EPS growth rate and the share price growth, we're inclined to look to other metrics to understand the changing market sentiment around the stock.

Simply Wall St -

Does The Tourmaline Oil Corp. (TSE:TOU) Share Price Tend To Follow The Market?

Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one. … The fact that this is well above 1 indicates that its share price movements have shown sensitivity to overall market volatility.

Simply Wall St -

How Many Tourmaline Oil Corp. (TSE:TOU) Shares Did Insiders Buy, In The Last Year?

TSX:TOU Recent Insider Trading, June 5th 2019 There are plenty of other companies that have insiders buying up shares. … Insider Ownership of Tourmaline Oil Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. … When combined with notable insider ownership, these factors suggest Tourmaline Oil insiders are well aligned, and quite possibly think the share price is too low.

Simply Wall St -

Here's What Tourmaline Oil Corp.'s (TSE:TOU) P/E Ratio Is Telling Us

The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Tourmaline Oil: P/E of 14.27 = CA$18.86 ÷ CA$1.32 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … So What Does Tourmaline Oil's Balance Sheet Tell Us? … If the reality for a company is not as bad as the P/E ratio indicates, then the share price should increase as the market realizes this.

Simply Wall St -

Company Info

Description

Tourmaline Oil Corp. acquires, explores for, develops, and produces oil and natural gas properties in the Western Canadian Sedimentary Basin. It holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex. The company was founded in 2008 and is headquartered in Calgary, Canada.

Details
Name: Tourmaline Oil Corp.
TOU
Exchange: TSX
Founded: 2008
CA$2,333,242,497
270,992,160
Website: http://www.tourmalineoil.com
Address: Tourmaline Oil Corp.
250 - 6th Avenue SW,
Suite 3700,
Calgary,
Alberta, T2P 3H7,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX TOU Common Shares The Toronto Stock Exchange CA CAD 23. Nov 2010
OTCPK TRML.F Common Shares Pink Sheets LLC US USD 23. Nov 2010
DB 08T Common Shares Deutsche Boerse AG DE EUR 23. Nov 2010
Number of employees
Current staff
Staff numbers
237
Tourmaline Oil employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 03:47
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/03/03
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.