Granite Oil (GXO) Lowered to Hold at TD Securities

Share on StockTwits

Granite Oil (TSE:GXO) was downgraded by analysts at TD Securities from a “speculative buy” rating to a “hold” rating in a research report issued on Monday. They currently have a C$0.90 price objective on the stock, down from their previous price objective of C$1.00. TD Securities’ target price would suggest a potential upside of 16.88% from the company’s current price.

Several other brokerages also recently weighed in on GXO. Raymond James reaffirmed a “market perform” rating and set a C$1.50 price target on shares of Granite Oil in a report on Wednesday, March 13th. Cormark lifted their price target on shares of Granite Oil from C$1.10 to C$1.30 in a report on Thursday, March 14th. National Bank Financial lowered their price target on shares of Granite Oil from C$1.25 to C$1.10 and set a “sector perform” rating on the stock in a report on Monday, December 10th. Finally, Royal Bank of Canada reaffirmed a “neutral” rating and set a C$1.00 price target (down previously from C$1.50) on shares of Granite Oil in a report on Monday, January 7th.

TSE GXO traded down C$0.04 during trading hours on Monday, hitting C$0.77. 42,907 shares of the company’s stock traded hands, compared to its average volume of 59,477. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 23.75. The firm has a market capitalization of $30.81 million and a price-to-earnings ratio of -3.32. Granite Oil has a 52 week low of C$0.43 and a 52 week high of C$3.41.

Granite Oil Company Profile

Granite Oil Corp. engages in the exploration for, exploitation, development, and production of oil and natural gas in Canada. The company holds 100% working interest in the Alberta Bakken properties covering 103,487 undeveloped acres and 72,734 net developed acres with 65.0 net oil wells and 89.0 net gas wells located in southern Alberta.

Recommended Story: What is a bull market?

Receive News & Ratings for Granite Oil Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Oil and related companies with MarketBeat.com's FREE daily email newsletter.