Image source: Getty Images Written by Vishesh Raisinghani at The Motley Fool Canada Tourmaline Oil ( TSX:TOU ) was a top performer last year. The stock is up 62.7% over the past 12 months. Meanwhile, the S&P/TSX Composite Index is down 8.7% over the same period. Could this outperformance continue in 2023? If so, how high could the stock go this year? Here’s a closer examination. Key drivers The energy crisis was a key driver of Tourmaline stock last year. Global demand for oil and natural gas was expected to rebound sharply as several economies reopened. However, Russia’s invasion of Ukraine in early 2022 disrupted the global energy market and magnified the shortage. Natural gas prices have quadrupled since 2020. As a result, Tourmaline experienced a windfall. Net profit and free cash flow were up 44% and 78% year over year respectively in the first nine months of 2022. The team shared some of this cash flow in the form of special dividends. In 2022, Tourmaline’s total dividend payout was $7.65 per share, implying a 11.2% dividend yield based on its current market price. However, natural gas prices have declined in recent months. Europe averted an energy crisis by […]
CamTrader offers a preview only. View original article. ca.finance.yahoo.com
