Tourmaline Oil initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Devin McDermott initiated coverage of Tourmaline Oil (TRMLF) with an Equal Weight rating and C$81 price target amid a broader research note on the North American E&Ps. Tourmaline Oil has meaningful longer-term exposure to AECO pricing, and while there may be some uplift in AECO realizations in 2025-26 as LNG Canada ramps, the firm expects the improvement to prove transitory given the large amount of low-cost resource in the region and challenges building new pipelines.