Tourmaline Oil resumed with a Buy at TD Cowen

TD Cowen resumed coverage of Tourmaline Oil (TRMLF) with a Buy rating and C$75 price target following the completion of the company’s sale of Topaz Energy (TPZEF) shares in a secondary offering announced on November 25. The sale of the Topaz Energy shares was not a surprise, as the company had previously articulated its long-term plan to reduce its ownership in Topaz, the analyst tells investors in a research note. Tourmaline’s current 5-year plan has significant growth through 2027, then plateaus between 2027 and 2029, the firm says.