Tourmaline Oil price target lowered to C$77 from C$81 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Tourmaline Oil (TRMLF) to C$77 from C$81 and keeps an Equal Weight rating on the shares. The firm, which marks its price deck for Q4 actuals and the latest forward strip, notes that its 2025 EBITDA estimates are moving 11% higher on average for the North American exploration and production group. The firm retains its preference for gas over oil and within oil prefers Majors and E&Ps with positive rate of change, the analyst added in a Q4 preview note.