12:12 PM EDT, 08/12/2024 (MT Newswires) -- National Bank Financial on Monday reiterated its outperform rating on the shares of Tourmaline Oil (TOU.TO) while raising its price target to C$72.50 from C$70.00 after the Western Canadian natural-gas focused producer agreed to acquire rival Crew Energy ( CWEGF ) for C$1.3 billion.

"TOU announced the $1.3 bln acquisition of Crew Energy ( CWEGF ) , to continue its strategic & accretive consolidation of the NEBC Montney ... A highly strategic acquisition by the company, and from which its dominance of the Canadian gas market (and significance of opportunity therein) should only expand; TOU is poised for a 14% return profile (vs. peers 19%) on leverage of 0.1x (vs. peers 0.3x) while trading at 4.9x 2025e EV/DACF (vs. peers 3.5x)," analyst Dan Payne noted.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 60.02, Change: +1.74, Percent Change: +2.99