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CIBC Increases Tourmaline Oil's Price Target to C$70 from C$67.50 Following Q1 Results

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-- CIBC Capital Markets reiterated its outperformer rating on the shares of Tourmaline Oil (TOU.TO) while raising its price target to C$70.00 from $67.50 after the Western Canadian natural-gas producer reported first-quarter results on Wednesday.

CIBC said Tourmaline's results were mixed. Its production of 666,000 barrels of oil equivalent per day aligned with CIBC's estimate and the consensus forecast.

The company's cash flow of $2.21 per share was 3% below the consensus forecast of $2.27 per share and 6% below CIBC's forecast of $2.36 per share.

"Although near-term gas pricing remains a headwind, we do see the company's initiatives as helping to bolster future profitability in the business, which should drive increasing free cash flow," CIBC said.

Price: $63.40, Change: $-3.45, Percent Change: -5.16%

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