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 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.
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