The Globe and Mail reports in its Friday, Nov. 3, edition that National Bank Financial analyst Dan Payne has reaffirmed his "outperform" recommendation and $80 share target for Tourmaline Oil. The Globe's Darcy Keith writes in the Eye On Equities column that analysts on average target the shares at $84.16, up from $81.53 a month ago. The Globe says Tourmaline Oil posted third quarter operating and financial results that were ahead of Mr. Payne's expectations. Mr. Payne says in a note, "A solid quarter, and the company continues to exemplify the strength of its scale-oriented operations -- positively expanding and concurrently maximizing returns." The Globe notes that if Mr. Payne's share target is realized, investors would make a total return of about 10 per cent over the next 12 months. Tourmaline reported cash flow per share of $2.55, better than the consensus expectation of $2.43. The company's production expanded at an annualized rate of 5 per cent. Mr. Payne notes that Tourmaline Oil's annualized cash yield of 8 per cent is well supported by strong liquidity. The Globe reported on June 17, 2022, that Mr. Payne continued to rate Tourmaline Oil "outperform." The shares could then be had for $67.50.