How to Buy Tourmaline Oil Stock in Canada [2024]

Summary: Tourmaline Oil is Canada’s largest natural gas producer as well as the country’s first oil and gas exploration and development company to branch into the liquified natural gas market. With its strong track record and history of bold and innovative business decision-making, Tourmaline Oil is an appealing investment choice for many investors. To buy Tourmaline Oil stock, Canadian residents can make an account at an online stock trading platform such as Interactive Brokers.

About Tourmaline Oil

Tourmaline Oil (TSX: TOU) is Canada’s largest natural gas producer operating primarily in the country’s western region.As a leader in the energy sector, Tourmaline Oil boasts a diverse portfolio and innovative strategies that help it remain competitive in regard to cost-effective operations and sustainable growth. As of December 2023, the company has a market capitalization of $20.83 billion and a favorable price-earnings ratio of 20.5. 

How to buy Tourmaline Oil stock: Step-by-step Process

In this section, you’ll find a step-by-step guide on how to buy Tourmaline Oil stock (TSX: TOU) conveniently, efficiently, and safely. 

Step 1: Choosing a Broker

First, you’ll need to choose a broker. To find one that aligns well with your investment goals and strategies, compare various brokers in regard to things such as commission fees, the number of stocks and markets available for investing, the complexity of the platform, ease of access, etc. 

Our recommended stock broker is Interactive Brokers, a platform featuring:

• Commission-free stock trading on 90+ market centers;
• Fractional shares;
• Additional income on fully paid shares;
• Lowest financing rates for margin accounts;
• No account minimums.

Step 2: Opening a Trading Account

Once you’ve chosen a broker, you can open a trading account with them. Usually, you have to provide the broker with your personal information and go through their account-opening and know-your-customer (KYC) process. Some brokers require IDs or proofs of residence, so be sure you have some valid documents at hand. 

Step 3: Funding Your Account

When you set up your account, you can transfer funds to it. On most platforms, you can do that by linking your bank account, scanning a check, transferring money from another trading account, using PayPal, etc. 

While transferring funds, ensure that you have enough funds in your account to cover the cost of the Tourmaline Oil stock and all the fees and commissions charged by the broker.

Step 4: Placing an Order

Now that your account is funded, you can buy Tourmaline Oil stock. To do that, simply follow these steps:

1. Log in to your account and navigate to the trading platform;
2. Search for the stock using its symbol (TOU) or company name (Tourmaline Oil);
3. Choose the type of order you want to place (Market, Limit, Stop, etc.). If you are new, choose the market order as it is the simplest one;
4. Enter the number of shares you would like to buy;
5. Review your order to ensure the details are correct;
6. Submit your order for execution.

Tourmaline Oil stock price

Why invest in Tourmaline Oil

There are a few reasons to consider investing in Tourmaline Oil. For example:

• Tourmaline Oil benefits from a diverse asset portfolio, which has helped the company maintain stable cash flows and consistent growth. This can provide you with a solid foundation for long-term investments;

• The company is well-positioned to capitalize on the increasing demand for natural gas.  In fact, Tourmaline Oil aimed to produce 530,000 barrels of oil equivalent per day in 2023. Should it succeed, it will further consolidate its position as one of the market leaders;

• The company has consistently prioritized dividend payouts and share buybacks, which can be attractive to income-seeking investors. Recently, for example, Tourmaline Oil announced another year of special dividends;

• Investing in Tourmaline Oil also allows you to gain exposure to the energy sector as a whole. The energy industry is vital to both the domestic and global economy, and owning shares in it can serve as a hedge against broader market fluctuations. 

Disclaimer: TradingView does not recommend trading financial instruments based exclusively on the advice of the Technical Rating indicator. These recommendations cannot predict future movements and are meant as assistance for spotting potentially favorable buy/sell conditions if this is consistent with their strategy.

Considerations before investing in Tourmaline Oil

Before investing in Tourmaline Oil, it is crucial to consider several factors to make an informed decision. For example, you should:

• Analyze the company’s financial health: Take a close look at Tourmaline Oil financial statements, balance sheets, reports, etc. Moreover, assess their debt levels, profitability, and revenue streams to understand the company’s financial position and growth potential;

• Research industry trends: Understand the dynamics of the oil and gas industry and the trends the competition is following. That is, research other major players in the sector and compare them with Tourmaline Oil in terms of stock performance. Also, keep an eye on industry trends, such as regulatory changes and technological advancements that could impact the company’s growth;

• Review the company’s dividend policies: Investigate Tourmaline Oil’s dividend policy and history to see whether the company offers consistent and reliable dividend payouts;

• Evaluate the management board: Examine the credentials and experience of Tourmaline Oil’s leadership team, especially if there have been changes in its composition. After all, it is the management’s vision and execution of various plans that impacts a company’s success the most.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy Tourmaline Oil stock in Canada

How to buy Tourmaline Oil stock in Canada?

To buy Tourmaline Oil stock, you need to open an account with a brokerage that offers access to the Toronto Stock Exchange, such as Interactive Brokers.

What is the dividend yield for the Tourmaline Oil stock?

As of August 2023, the Tourmaline Oil stock has a dividend yield of 1.48%.

Is the Tourmaline Oil stock listed on stock exchanges outside Canada?

No, the Tourmaline Oil stock is not listed on any other exchange other than the Toronto Stock Exchange.