11:36 AM EDT, 08/12/2024 (MT Newswires) -- Tudor, Pickering, Holt on Monday reiterated its buy rating on the shares of Tourmaline Oil (TOU.TO) with a C$77.00 price target after the company agreed to acquire rival Western Canadian oil and gas producer Crew Energy ( CWEGF ) for C$1.34 billion.

"TOU CN announced this morning a transaction whereby the company will acquire Crew Energy ( CWEGF ) for a total deal value of C$1,335MM as of last Friday's close. Deal is to be funded by 18.778MM TOU CN shares (~5.3% of shares outstanding; keeps YE'24 D/CF