Analyst Actions: UBS Downgrades Tourmaline Oil to Neutral After Recent Rally in Shares

By Midnight Trader,  July 06, 2012, 12:36:48 PM EDT

UBS has downgraded Tourmaline Oil Corp. (TOU.TO) to neutral from buy, but raised its price target to $27.25 from $26, citing recent share price appreciation.

"Tourmaline has seen its share price run approximately 8% over the month and at current levels, we see the company’s shares as fairly priced," UBS said in a note.

"Our recommendation change reflects outperformance relative to the Mid Cap group. We continue to like the underlying fundamentals of the company with TOU in our view offering one of the best combinations of growth and balance sheet flexibility within our universe. After a relatively quiet quarter we expect the near-term focus to shift towards delivering liquids within the portfolio," it said.

The stock is softer today, last quoted down 2.2% at $26.56.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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