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Company News

BUZZ-Tourmaline Oil: Rises on higher free cash flow estimates

** Shares of Canadian oil and gas producer rise 1.8% to C$18.00

** Co updates 5-yr plan with increased focus on generating surplus cash flow

** TOU sees aggregate free cash flow rising by about C$840 mln ($621.85 mln) to a total of about C$3.05 bln over 5 years

** Co’s new plan maintains annual production guidance at 300,000 boe/d in 2019, growing to 377,000 boe/d in 2023

** BMO raises rating to “outperform”, maintains PT of C$23

** 13 brokerages rate the stock “buy” or higher; their median PT is C$27.50

** Shares of the company have climbed 5.3% YTD ($1 = C$1.35) (Reporting by Shradha Singh in Bengaluru)

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